The Federal Motor Carrier Safety Administration has set the deadline to comply with the new broker bond requirement of $75,000 for Oct. 1.
The deadline was announced in a recently released list of frequently asked questions pertaining to the mandated changes in broker and freight forwarder requirements enacted with the passage of the new highway funding law, Moving Ahead for Progress in the 21st Century Act, or MAP-21.
The act was signed into law on July 6, 2012. That set the wheels into motion on a number of trucking-related mandates, including the new broker and freight forwarder requirements.
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.
For more information on the broker and freight forwarder requirements, click here.
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