The legislative branch of a municipality shall have the power to make, establish, alter, amend, or repeal regulations for the operation, parking, soliciting, delivery, or fares in the jitney and taxi business in general within the municipality and to establish penalties for the breach thereof, not to exceed $100.00 for each violation thereof. (Amended 1965, No. 194, § 10, eff. July 1, 1965, operative Feb. 1, 1967; 1973, No. 249 (Adj. Sess.), § 80, eff. April 9, 1974.)