In The News

FMCSA confirms you must obtain a $75K bond by Oct. 1st.

There has been confusion as to whether freight brokers need their bond by 10/1 or 12/1.  What is clear is that many carriers working with brokers are requiring them to have their $75,000 bond to be in place by October 1st if they wish to do business.

The FMCSA stated that they will not enforce compliance on the October 1st bond requirement until 60 days later on December 1st. However, it is a standard of the surety industry not to backdate bonds more than 30 days. That means that a bond issued on November 5th cannot be made effective any earlier than October 5th, making the freight broker non-compliant. Waiting too long could make it so the bond is not an option at any cost.

To sum it up, the FMCSA may allow you to prove you have a bond until 12/1, but the ability to purchase a bond ends prior to that.

CLICK HERE to read the Ultimate Guide to the $75K Bond Increase