Continuing Bond Increase Danger
As some of you are well aware, the attempts of the largest transportation brokers in the country to increase the FMCSA bonding requirement for licensed property brokers from $10,000 to $100,00 still persists despite the failure of Senate bill, SB 3483, in 2010. Unfortunately, the latest attempt to increase the freight broker surety requirement through the House of Representatives set forth in HB 2357 has yet to be abandoned. We anticipate that an effort may be made to short-circuit the customary legislative process and attach the bill through a rider to some emergency DOT highway reauthorization legislation, perhaps as early as March of this year.
Accordingly, we suggest that you contact both your local House member and at least one of your Senators in order to describe any negative effects a proposed increase in the FMCSA bonding requirement might have on your own business. A selection of sample letters to that end drafted by other brokers and interested parties, which input apparently influenced the Senate’s decision to kill SB 3483 in committee in 2010, may be downloaded through the Transportation Brokers Dispatch Association website at www.transfinservice.com, along with other material of the same nature. We also suggest that you refer to the Association of Independent Property Brokers & Agents website at www.independentpropertybrokers.org for further insights and supporting information.