FMCSA Final Rule: Broker and Freight Forwarder Financial Responsibility; Extension of Compliance Date

FMCSA amends its November 16, 2023, final rule, “Broker and Freight Forwarder Financial Responsibility,” by extending the compliance date for certain provisions from January 16, 2025, to January 16, 2026. FMCSA is taking this action because the Agency determined that only its forthcoming online registration system will be used to accept filings and track notifications, and this functionality will not be added to its legacy systems. As the online registration system is not expected to be available before January 16, 2025, FMCSA extends the compliance date to provide regulated entities time to begin using and familiarizing themselves with the system before compliance is required.

DATES:Effective date: This rule is effective December 31, 2024.

Expiration dates: Section 387.307T, which contains the regulations on brokers of property surety bonds or trust funds which are currently in effect, expires as of January 16, 2026. Section 387.307 is stayed until January 16, 2026.

Compliance dates: Brokers, freight forwarders, surety providers, and financial institutions must comply with all the provisions of §387.307 beginning on January 16, 2026.

Published in the Federal Register December 31, 2024, page 107021.

View final rule.

Previous Text

Appendix B to Part 386—PenaltySchedule: Violations and MonetaryPenalties

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(g)(24) Beginning on January 16, 2025, a surety company or financial institution for a broker or freight forwarder pursuant to §§387.307 or 387.403T that violates subsection (b) or (c) of Title 49 of the United States Code, Section 13906 or §387.307:—

(i) Is liable to the United States for a penalty of $12,882 for each violation; and

(ii) Will be ineligible to provide broker financial security for three years.

§387.307 Property broker surety bond ortrust fund.

This section is effective January 16, 2025.

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(b) Acceptable assets. Beginning on January 16, 2026, trust funds under this section must contain assets aggregating to $75,000 that can be liquidated to cash within 7 calendar days. As of this date, acceptable assets included in any trust fund filed under this section are limited to cash, irrevocable letters of credit issued by a federally insured depository institution, and Treasury bonds.

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(c)(6) An insurance company;

(c)((7) Until January 16, 2026, a loan or finance company; or

(c)(8) A person subject to supervision by any State or Federal bank supervisory authority.

§387.307T Property broker surety bond ortrust fund.

This section will remain in effect until January 16, 2025.