New Mexico gets serious about ‘financial responsibility’

| Wednesday, July 01, 2009

The operating permits of about seven dozen trucking, towing and other transportation companies have been revoked by the state Public Regulation Commission, reports The Associated Press. Since May 5, the commission had already lowered the hammer on nearly 381 companies for operating without proving financial responsibility.

New Mexico law regarding financial responsibility was enacted in July 1, 2006, and requires all motor carriers to file proof of financial responsibility with the state and to carry the proof in each motor vehicle they operate in the state.

According to the AP report, if the companies continue to operate in violation of state law, they face a penalty of up to $10,000 per day for each violation.