$75K Property Broker Bond implementation remains Oct 1, 2013
Despite efforts to overturn elements of the MAP-21 law pertaining to the increase in the BMC-84 Bond from $10,000 up to $75,000, the FMCSA (Federal Motor Carrier Safety Administration) has announced that the increased bond requirement will proceed as currently planned. As such, all freight brokers, as well as freight forwarders who broker out business, are required to post a $75,000 Property Broker Bond (BMC-84) no later than October 1, 2013.
The original implementation date was previously scheduled for June 1, 2013, however that date was delayed to Oct 1st. According to the FMCSA, the current deadline is firm and will not be delayed further. Due to the large amount of freight brokers and freight forwarders that are being required to post this bond at roughly the same time, the FMCSA is expected to provide an additional window of time for these bonds to be filed with the DOT. However, the implementation date remains 10/1/2013. Those that do not comply by the deadline run the risk of having their authority suspended or revoked by the FMCSA.
Freight brokers and forwarders that are required to post the $75K Property Broker Bond will need to purchase an entirely new form (BMC-84) to replace the existing form. Since a new bond is required to replace the old $10,000 bond or trust fund, increase riders will not be accepted.
If you have any questions about the $75K BMC-84 Bond requirement, or would like to apply for a no-obligation, free quote please give us a call at (877) 514-5146 or apply on our website.
Robin Kix
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