LFS
49 CFR Part 371 – Brokers of Property is a part of the Code of Federal Regulations (CFR) that provides regulations for brokers involved in the transportation of property1. Here are some key points: Below are some key points about the freight broker regulations.
Applicability: This part applies to all brokers of transportation by motor vehicle1.
Definitions: A broker is defined as a person who, for compensation, arranges or offers to arrange the transportation of property by an authorized motor carrier1. Brokerage or brokerage service is the arranging of transportation or the physical movement of a motor vehicle or of property. It can be performed on behalf of a motor carrier, consignor, or consignee2.
Misrepresentation: The regulations provide guidelines to avoid misrepresentation1.
Accounting: There are specific accounting requirements for brokers1.
Learn more by visiting the FMCSA Code Of Federal Regulations 49 CFR Part 3711 .