FMCSA Sets Deadline for Increased Broker Bonds
posted in Alerts by Brian Gray
FMCSA Sets Oct. 1 Deadline for Increased Broker Bonds
FMCSA announced a deadline of Oct. 1 to comply with the new broker bond requirement of $75,000, a change in broker and freight forwarder requirements enacted with the passage of last year’s highway funding law MAP-21. All brokers and freight forwarders must register with FMCSA and by Oct. 1. The act also increased the amount of the broker bond to $75,000 up from the current $10,000.
The bond companies will now be obligated to report to FMCSA when the bonds are canceled and the agency is to “immediately” suspend the registration of the broker and post notification on the agency’s website, according to another new provision included in MAP-21.
The deadline was mentioned in a set of FAQs that FMCSA recently released. For more information on the broker and freight forwarder requirements, click here.
