Broker and Freight Forwarder Financial Responsibility

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of Transportation Federal Motor Carrier Safety Administration 49 CFR Parts 386 and 387 [Docket No. FMCSA-2016-0102] RIN 2126-AC10 AGENCY: Federal Motor Carrier Safety Administration (FMCSA), Department of Transportation (DOT). ACTION: Final rule. SUMMARY: 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. DATES: Effective date: This regulation is effective January 16, 2024. Expiration dates: Section 387.307T, which contains the current regulations on broker of property surety bonds or trust funds, expires as of January 16, 2025. Section 387.307, which contains the revised regulations on broker of property surety bonds or trust funds, is stayed until January 16, 2025. Compliance dates: Brokers, surety providers, and financial institutions must comply with the provisions regarding immediate suspension, financial failure or insolvency, and enforcement authority on January 16, 2025. Brokers, surety providers…