Map 21 Truck Bond
Map 21 Truck Bond: The U.S. Department of transportation's federal motor carrier safety administration ( FMCSA) will be able to fine freight forwarders up to $10,000 if they are not compliant with new regulations from the moving ahead for progress in the 21st century act (map-21). Freight forwarders that are subject to FMCSA jurisdiction need to obtain and file with FMCSA a surety bond or trust agreement in the amount of $75,000 by December first to stay compliant.
The new regulations have actually been in effect since October 1, 2013. The FMCSA has provided a 60-day phase-in period beginning October 1, 2013, to allow the industry to complete all necessary filings. The head of safety for the FMCSA recently told one our employees that several freight forwarders have still not registered. By now, they should have received warning letters.
The moving ahead for progress in the 21st century act (map-21) was signed into law on July 6, 2012 by the president. Map-21 (pub. L. 112-141, 126 stat. 405 (2012)) included a number of mandatory, non-discretionary changes to FMCSA programs. Some of these changes amended the financial security requirements applicable to property brokers and freight forwarders operating under FMCSA's jurisdiction.