PUBLISHED: Broker and Freight Forwarder Financial Responsibility

The attached NPRM has been published in the Federal Register today, Docket No. FMCSA-2016-0102.

SUMMARY: FMCSA proposes the implementation of certain requirements under the Moving Ahead for Progress in the 21st Century Act (MAP-21). Previously, FMCSA implemented the MAP-21 requirement to increase the financial security amount for brokers from $25,000 to $75,000 for household brokers and from $10,000 to $75,000 for all other property brokers and, for the first time, established financial security requirements for freight forwarders. The agency proposes regulations in five separate areas: Assets readily available; immediate suspension of broker/freight forwarder operating authority; surety or trust responsibilities in cases of broker/freight forwarder financial failure or insolvency; enforcement authority; and entities eligible to provide trust funds for form BMC-85 trust fund filings.

 Public comments are due by March 6, 2023.

PDF : PUBLISHED: Broker and Freight Forwarder Financial Responsibility