On October 1, 2013, the Federal Motor Carrier Safety Administration’s surety bond requirement for brokers and freight forwarders will be raised from $10,000 to $75,000. This is the first time the bond amount requirement has been raised in the last 30 years.
In addition to posting a surety bond, brokers, freight forwarders and carriers must officially register with the FMCSA. The agency will begin mailing notifications to all brokers and freight forwarders who have not met the $75,000 bond requirement on November 1. 30 days’ advance notice will be provided before registrations are revoked for noncompliance. Failure to comply with these new regulations will result in a $10,000 fine.
For more information about the new requirement, please visit the FMCSA’s website. If you need a surety bond in any state, please contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 7 a.m. to 7 p.m. CST. You’ll be connected with an expert surety bond specialist who will walk you through each step of the bonding process.