Broker and Freight Forwarder Financial Responsibility
motor-carrier · Federal Motor Carrier Safety Administration · Published 2023-11-16 · Effective 2024-01-16 · 88 FR 78656
Document
Document number
2023-25312
Federal Register citation
88 FR 78656
CFR reference
49 CFR 386
Type
Rule
Action
Final rule.
Category
motor-carrier
Sub-agency
Federal Motor Carrier Safety Administration
Publication date
2023-11-16
Effective date
2024-01-16
DOT docket
Docket No. FMCSA-2016-0102
Abstract
FMCSA amends the regulations pertaining to financial responsibility requirements for brokers of property and freight forwarders in five separate areas: assets "readily available"; immediate suspension of broker/freight forwarder operating authority; surety or trust responsibilities in cases of broker/freight forwarder financial failure or insolvency; enforcement authority; and entities eligible to provide trust funds for brokers and freight forwarders, which are filed using Form BMC-85, Broker's or Freight Forwarder's Trust Fund Agreement under 49 U.S.C. 13906 or Notice of Cancellation of the Agreement.