Date Published: October 17, 2013
As of Oct. 1, the MAP-21 provision requiring all FMCSA registered freight brokers to provide proof of a $75,000 surety bond or trust fund is in effect. Federal law was also broadened to include freight forwarders. Freight forwarders were not required to post a surety bond under the old rules. The old ICC broker bond was only a $10,000 bond.
While the FMCSA has allowed for a 60 day “phase in” period, the bond must reflect the first date you operated in this capacity. This means even if you purchase the bond November 30 (the last day to fully comply with the new law) the effective date of the bond must still be October 1.
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