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The freight broker bond increase took effect on
October 1, 2013. Many freight brokers were against this change because they expected they would not be able to meet the new requirement. It was a 7-fold increase and the previous price had not changed for about 40 years. According to FMCSA, there had
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One of the strongest objections to the changes came from the
Association of Independent Property Brokers & Agents (AIBPA). It claimed that this would create a loss of 8,200 freight brokerages and tens of thousands of jobs.
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A freight broker bond is also known as a BMC-84 surety bond, trucking surety bond, transportation broker surety bond, or property broker bond. FMCSA uses the term "property broker" instead of freight broker.
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will operate according to their agreements with shippers and motor carriers. If a freight broker or auto transport broker does not comply with their contract, the carrier or the shipper may file a claim.
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The first freight broker bond requirement came into effect in the 1930. In the 1970s, the bond amount was increased to $ 10,000 and was not changed until June 29, 2012, when
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of The
National Association for Minority Truckers, also objected, saying it was an "unreasonable barrier to entry for would-be entrepreneurs".
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been too many cases where shippers and carriers had been delayed (or entirely denied) payment so the bond increase was necessary.
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Despite these objections, the provisions were passed into law.
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272:. Federal Motor Carrier Safety Administration. March 14, 2014
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the freight broker bond increased from $ 10,000 to $ 75,000
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freight forwarders must also meet the $ 75k requirement
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The two main changes that came with the MAP-21 were:
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Principal: the freight broker / auto transport broker
245:"Moving Ahead for Progress in the 21st Century Act"
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195:Moving Ahead for Progress in the 21st Century Act
172:Obligee: the party requiring the bond (FMCSA)
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147:Federal Motor Carrier Safety Administration
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165:The three parties to the agreement are:
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310:Trucking industry in the United States
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175:Surety: the surety company
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184:History
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