Freight brokers throughout the country are beginning to receive “Revocation of Authority” letters from the FMCSA. There is no need to panic, as this is all part of the process of phasing out the $10,000 bond requirement. However, it is urgent that freight brokers determine their plan to fulfill the new $75,000 requirement.
Last week, we posted about how you do not have 60 days from October 1st to purchase a bond as many have been reporting. Therefore, the window of opportunity to purchase a bond is closing quickly.
It may be possible to obtain a BMC-85 trust at a later date, but trusts come with pitfalls that affect your credit or require you to post $75,000 in cash. The former is risky in the event you need to obtain loans in the future and the former is difficult for most to afford.
JW Surety Bonds has an exclusive bond program for the $75,000 freight broker bond available now:
• A+ rated, Treasury-listed surety
• No collateral
• Lowest rates in the country
• Approvals regardless of credit strength
• 99.9% approval rate
Be prepared for the October 1 deadline. Apply directly on our website to get an instant approval.