FMCSA Issues Proposed Rule on Forwarder Financial Security Requirements
The Federal Motor Carrier Safety Administration is issuing a proposed rule to implement in its regulations the financial security requirements for forwarders and property brokers established in 2013 by the Moving Ahead for Progress in the 21st Century Act. The…
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proposal would specify the “assets readily available” required to satisfy the already established $75,000 financial security requirement, and would set rules for when the available financial security must be replenished to avoid suspension of operating authority. The proposed rule also would define “financial failure or insolvency” and bar loan and finance companies from serving as BMC-85 trustees. Comments are due March 6.