Freight Broker License Requirements
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In order to get or renew their license, freight brokers and freight forwarders in the United States must get a freight broker bond. Their role is to guarantee that that freight broker license requirements brokers and auto transport brokers will operate according to their agreements with shippers and motor freight broker license requirements.
If a freight broker or auto transport broker does not comply with their contract, the carrier or the shipper may file a claim. A freight broker bond is also known as a BMC surety bond, trucking surety freight broker license requirements, transportation broker surety bond, or property broker bond. FMCSA uses the term "property broker" instead of freight broker. This first freight broker bond requirement took into effect in the The freight broker bond increase took effect on October 1, Many freight brokers were against this change because they expected they wouldn't be able to meet the new requirement: According to FMCSA there had been freight broker license requirements many cases where shippers and carriers had been delayed or entirely denied payment so the bond increase was necessary.
They claimed that this would create a loss of 8, freight brokerages, tens of thousands of jobs. Saying it was an "unreasonable barrier to entry for would-be entrepreneurs. From Wikipedia, the free encyclopedia. This article has multiple issues.
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