Another update is that the new version of the legislation now also requires freight forwarders to have a surety bond, when they did not require it previously.
This extra requirement has been introduced to prevent existing brokers to switch to freight forwarders status to avoid being required to provide a $75,000 surety bond.
In another attempt to curtail fraud, a new statute has been created to require the Federal Motor Carrier Safety Administration (FMCSA) to publish online the details of companies behind each registration.
Details such as name and business addresses will then be available for people to check each registration and determine whether the company is trustful.
When it comes to the requirements for new entrants, they will need to have an employee or officer who has at least three years of relevant experience or can prove sufficient knowledge related to rules, regulations and industry practices.
In addition, a new requirement to obtain a license forces registrants to prove that they have sufficient experience to act as brokers or freight forwarders.
In terms of liability, the guilty party will be liable to the United States government up to $10,000 for each violation, and liable to cover all valid claims made by injured parties; without any cost ceiling (page 423).
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