Brokers finance

Brokers who try to avoid paying

FMCSA proposes new rules. FMCSA are considering tightening regulations to lessen the number of what it calls “unscrupulous” brokers who try to avoid paying. Brokers will maintain at least $75,000. The assets are held for the possibility that a motor carrier makes a claim. If these funds for a broker or freight forwarder drop below $75,000, FMCSA would suspend its operating authority.

Brokers and freight forwarders would be required to liquefy and pay assets to carriers within seven calendar days. FMCSA also proposes additional penalties. But the requirements are in the books with difficulties.

The Owner-Operator Independent Drivers Association

The Owner-Operator Independent Drivers Association released a statement supporting the proposal and acknowledging dissatisfaction with previous enforcement. If the FMCSA provides a notice of suspension  they would have 30 calendar days to respond. FCMCSA added that most brokers operate with integrity and uphold the contracts made with motor carriers and shippers.

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