(a) “Taxicab” means, except as provided in subsection (b) of this section, a motor vehicle for hire that:
(1) Is designed to carry seven or fewer individuals, including the driver; and
(2) Is used to accept or solicit passengers for transportation for hire between those points along highways in this State as the passengers request.
(b) “Taxicab” does not include a motor vehicle operated on regular schedules and between fixed termini with the approval of the Public Service Commission.