Trust Fund Requirements

Some individuals put up their own $10K cash for the bond or trust fund in which case no credit check is required. The cost on this option runs $550 per year with the financial institution who administers this for you.

Others rely upon the financial institution to put up the $10K. However, this option requires individuals to have very good credit. If accepted for this second option, the cost runs $950 per year.

Note: a broker agent does NOT need to obtain their broker authority and does not need to show evidence of the $10,000 surety bond or trust fund. They work under the authority of another freight broker. In our broker agent training, we provide a list of freight brokers who are seeking agents.

On another note, there was a Senate Bill introduced last year to raise the dollar amount of the trust fund as well as making other changes. The bill died in the Senate at the end of 2010. Here is what my friend, Don Jipping from 1st Security Financial Corp, said about a new bill offered up in the current Congress: "S 3483 died when the 2010 session was over. However, a new bill was introduced HR 2357 "Fighting Fraud in Transportation" was introduced on June 24th of this year. Very similar, but gives brokers 4 years to comply. I invite all concerned to visit this website to review and learn more about the attempt to put small business owners out of business. Please check out www.independentpropertybrokers.org My personal opinion and theory since 2005 is that they will settle on 25k. Household Goods Brokers will need to have 25k by Jan 1, 2012. FMCSA & USDOT will evaluate and work out the bugs over a 12-18 month period before placing this on property brokers. I have already heard of HH Goods brokers who have found a way around this new 25k requirement they must comply with by 01/01/2012"

Atex Freight Broker Training, Inc.
7101 N. Mesa St. #219
El Paso, TX 79912
888-526-ATEX (2839)
info at atexfreightbrokertraining.com
www.atexfreightbrokertraining.com