The Federal Motor Carrier Safety Administration said it will provide additional time for freight shipping brokers to supply proof they’ve increased their minimum surety bonds to $75,000 from $10,000.
FMCSA said in a Federal Register notice it was providing what it called “a 60-day phase-in period to allow the industry to complete all necessary filings” to comply with the law scheduled to take effect Oct. 1.
Bond companies that file the proof-of-purchase forms on behalf of brokers are not yet able to file paperwork because FMCSA’s online system is not yet able to process the information.
“The current filing system will be updated to accept the $75,000…
By Michele Fuetsch, Staff Reporter
This story appears in the Sept. 16 print edition of Transport Topics.