Despite MAP-21 and the $75,000 bond requirement that went into effect Oct. 1st, 2013, freight broker filings have continued to increase. In fact, broker registrations are the highest they have been in 2013.
The number of active brokers in the FMCSA database topped out at 20,096 during the week of 10/25/2013 (thanks to My Carrier Resources, LLC for the statistics). This is great news, as many predicted the bond requirement would force hoards of brokers out of business.
What’s the Cause?
The increase is likely due to a combination of reasons: one being the provisions in MAP-21 that require carriers and freight forwarders to obtain a bond or trust, even if only an occasional load is brokered; and the second being an influx of new brokers registering with the FMCSA, possibly due to their strict enforcement of the new financial security requirement. It will be interesting to see if the broker filings continue to trend upwards as we get closer to the end of the FMCSA’s grace period to meet the $75,000 requirement, which is 12/1/2013.
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