Oct. 1 deadline for new FMCSA broker bond requirements

broker bond

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.