All
All
Parallel
Title
Appellant
Respondent
Lawyer
Parallel Search is an AI-driven legal research functionality that uses natural language understanding to find conceptually relevant case law, even without exact keyword matches.
Hi, I'm AMICUS. Your GPT powered virtual legal assistant.
Let's chat.
Log in
Sign Up
Select Country
India
UK
&
Ireland
AMICUS AI
CaseIQ
Keyword Research
Parallel Search
Browse
Commentaries
Columns
My Project
New chat
Federal
U.S. Supreme Court
Federal Circuit
1st Circuit
2d Circuit
3d Circuit
4th Circuit
5th Circuit
6th Circuit
7th Circuit
8th Circuit
9th Circuit
10th Circuit
11th Circuit
Court of Appeals for the D.C. Circuit
Board of Immigration Appeals
Special Courts
Bankruptcy
State
Alabama
Alaska
Arkansas
Arizona
California
Colorado
Connecticut
Delaware
District Of Columbia
Florida
Georgia
Guam
Hawaii
Iowa
Idaho
Illinois
Indiana
Kansas
Kentucky
Louisiana
Massachusetts
Maryland
Maine
Michigan
Minnesota
Missouri
Mississippi
Montana
Nebraska
North Carolina
North Dakota
New Hampshire
New Jersey
Northern Mariana Islands
New Mexico
Nevada
New York
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Vermont
Washington
Wisconsin
West Virginia
Wyoming
49 C.F.R. § 387.307 : Transportation — OTHER REGULATIONS RELATING TO TRANSPORTATION — FEDERAL MOTOR CARRIER SAFETY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION — FEDERAL MOTOR CARRIER SAFETY REGULATIONS — MINIMUM LEVELS OF FINANCIAL RESPONSIBILITY FOR MOTOR CARRIERS — SURETY BONDS AND POLICIES OF INSURANCE FOR MOTOR CARRIERS AND PROPERTY BROKERS — Property broker surety bond or trust fund
Text
(a)
Security.
A broker must have a surety bond or trust fund in effect for $75,000. The FMCSA will not issue a broker license until a surety bond or trust fund for the full limits of liability prescribed herein is in effect. The broker license shall remain valid or effective only as long as a surety bond or trust fund remains in effect and shall ensure the financial responsibility of the broker.
(b)
Evidence of security.
Evidence of a surety bond must be filed using the FMCSA's prescribed Form BMC 84. Evidence of a trust fund with a financial institution must be filed using the FMCSA's prescribed Form BMC 85. The surety bond or the trust fund shall ensure the financial responsibility of the broker by providing for payments to shippers or motor carriers if the broker fails to carry out its contracts, agreements, or arrangements for the supplying of transportation by authorized motor carriers.
(c)
Financial institution
-when used in this section and in forms prescribed under this section, where not otherwise distinctly expressed or manifestly incompatible with the intent thereof, shall mean-Each agent, agency, branch or office within the United States of any person, as defined by the ICC Termination Act, doing business in one or more of the capacities listed below:
(1)
An insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act (
12 U.S.C. 1813(h)
);
(2)
A commercial bank or trust company;
(3)
An agency or branch of a foreign bank in the United States;
(4)
An insured depository institution (as defined in section 3(c)(2) of the Federal Deposit Insurance Act (
12 U.S.C. 1813(c)(2)
);
(5)
A thrift institution (savings bank, building and loan association, credit union, industrial bank or other);
(6)
An insurance company;
(7)
A loan or finance company; or
(8)
A person subject to supervision by any State or Federal bank supervisory authority.
(d)
Forms and Procedures
-
(1)
Forms for broker surety bonds and trust agreements.
Form BMC-84 broker surety bond will be filed with the FMCSA for the full security limits under paragraph (a) of this section; or Form BMC-85 broker trust fund agreement will be filed with the FMCSA for the full security limits under paragraph (a) of this section.
(2)
Broker surety bonds and trust fund agreements in effect continuously.
Surety bonds and trust fund agreements shall specify that coverage thereunder will remain in effect continuously until terminated as herein provided.
(i)
Cancellation notice.
The surety bond and the trust fund agreement may be cancelled as only upon 30 days' written notice to the FMCSA, on prescribed Form BMC 36, by the principal or surety for the surety bond, and on prescribed Form BMC 85, by the trustor/broker or trustee for the trust fund agreement. The notice period commences upon the actual receipt of the notice at the FMCSA's Washington, DC office.
(ii)
Termination by replacement.
Broker surety bonds or trust fund agreements which have been accepted by the FMCSA under these rules may be replaced by other surety bonds or trust fund agreements, and the liability of the retiring surety or trustee under such surety bond or trust fund agreements shall be considered as having terminated as of the effective date of the replacement surety bond or trust fund agreement. However, such termination shall not affect the liability of the surety or the trustee hereunder for the payment of any damages arising as the result of contracts, agreements or arrangements made by the broker for the supplying of transportation prior to the date such termination becomes effective.
(3)
Filing and copies.
Broker surety bonds and trust fund agreements must be filed with the FMCSA in duplicate.
49 C.F.R. § 387.307
53 FR 10396, 3/31/1988, as amended at 75 FR 72998, 11/29/2010; 78 FR 58482, 9/24/2013; 78 FR 60233, 10/1/2013; 84 FR 51434, 9/30/2019
×