The rule
Under 49 CFR 387.307, a property broker must have a $75,000 surety bond (form BMC-84) or trust fund (form BMC-85) in effect before FMCSA will register it. Brokers apply through FMCSA's Unified Registration System, receive an MC number, and file a BOC-3 naming process agents.
What changed on January 16, 2026
- The surety must notify FMCSA within 2 business days when it pays a claim or learns the broker is in financial failure and the bond falls below $75,000.
- FMCSA suspends the broker's authority unless the shortfall is fixed within 7 business days.
- On financial failure, the surety starts cancellation and accepts claims for 60 days after FMCSA's notice.
- Trust fund assets (BMC-85) must be liquid within 7 days: cash, irrevocable letters of credit or Treasury bonds.
The practical effect: a claim can put a broker out of business fast. Underwriters look harder at how a broker pays carriers.
BMC-84 bond or BMC-85 trust
| BMC-84 surety bond | BMC-85 trust fund | |
|---|---|---|
| Cash tied up | Premium, plus any collateral the surety sets | $75,000 in qualifying assets |
| Who pays claims | The surety, then recovers from the broker | The trustee, from the fund |
| Underwriting | Credit, financials and payment practices | Trustee rules |
What underwriters look at
- Owner credit and the broker's financial statements.
- Years in business and freight volume.
- How fast carriers get paid, and any disputes or claims.
- Any carrier operations alongside the brokerage.
