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The MAP-21 act signed into law in 2012 increased the amount of financial responsibility to $75,000, effective October 1, 2013.
The FMCSA published a notice in the Federal Register on Sept. 5, 2013 stating that "Group Trusts" will not be accepted at this time. To participate in a BMC-85 trust, you must deposit $75,000 in an individual trust with your trust company.
FMCSA deems group trusts unacceptable at this time and outlines enforcement timeline for cancellation of broker authority for those who don't meet $75,000 requirement.
(Notice by the Federal Motor Carrier Safety Administration on 09/05/2013)
Prefer not to tie up 75,000 of working capital? Explore a BMC-84 bond instead of a trust.
*Bond principals must meet certain qualifications.