According to new rules by the FMCSA, Federal Motor Carrier Safety Administration all brokers are required to have a $75,000/100,000 surety bond or trust fund by Oct. 1, 2013. These rules are part of the enforcement of the Moving Ahead for Progress in the 21st Century Act (MAP-21) law. This is an increase from the current requirement of $10,000. All brokers need to secure a $75,000/100,000 bond or trust to maintain their operating authority. Many brokers will not be able to obtain bond and this will potentially result in low pricing and scamming. Please be sure to verify bond for the company chosen by searching on the following FMCSA link Federal Motor Carrier Safety Administration.
New $75,000 Broker Bond Rule
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