On September 5, 2013, The Department of Transportation, Federal Motor Carrier Safety Administration published a document named Registration and Financial Security Requirements for Brokers of Property and Freight Forwarders.
The document addresses the increase in financial security requirements for Brokers and Freight Forwarders, to $75,000 beginning October 1, 2013. All brokers and freight forwarders must file new BMC-84 or BMC-85 forms with the FMCSA reflecting the new $75,000 minimum financial security amount, using a surety bond company that is approved by the Treasury Department.
The FMCSA is providing a 60-day phase-in period that began October 1, 2013. The FMSCA will mail notifications to all brokers and freight forwarders that have not met the $75,000 minimum financial security requirement, beginning November 1, 2013, providing a 30 day advance notice of revocation of operating authority.
Truck Services of North America works to help you stay informed of changes in laws that affect you. For more information about any of our services, contact us at TSNAmerica.com, email support@TSNAmerica.com or call 803.386.0320.
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