|Lane Balance Systems Complies with New BMC-84 Requirements|
February 13, 2014
Freight Broker Bonds (BMC-84) are necessary for operation as a transportation broker in the United States, and are required by the Federal Motor Carrier Safety Administration (FMCSA). The bond demonstrates financial responsibility of a broker, guaranteeing payment to motor carriers and shippers if a broker fails to comply with its contracts and agreements.
With the signing of the MAP-21 bill, property brokers and freight forwarders are required to post a $75,000 bond by 10/1/2013, replacing the previous $10,000 bond. Brokers that do not comply with the new bond requirement may have their broker authority revoked by the FMCSA.