Good news for all the carriers out there! Finally, the Federal Motor Carrier Safety Administration (FMCSA) has issued a new rule to prevent broker fraud. It will come into effect from Jan 16, 2024.
The FMCSA is tightening oversight in five areas of broker’s financial responsibility:
1. Immediate suspension of brokers/freight forwarders operating authority
2. Only certain entities can provide funds for BMC – 85 filings
3. Acceptable assets
4. Surety/trust responsibilities in broker’s/freight forwarder’s failure or insolvency
5. Enforcement authority
Learn more 👇
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