Broker $10,000 bond petition

Whoa!! It doesn't matter to me what a broker makes!! I'm just pointing out that this is gonna hurt the O/O also!! Rates are already down, Fuel is up and we need every penny from the load that we can get and the last thing we need is for the broker to have another reason to dip into the rate.

 

I'm a driver and I'm on YOUR side!! I cringe at the thought of the smaller brokers folding up shop or merging with the big boys!!

 

What's the big deal if these brokers have to put up a higher bond? If you run a legit successful brokerage it shouldn't be a big deal. You two can pay each other on the back all day long if you want. Too many owner operators and too many companies have been screwed out of money they earned by some of these "brokers". I won't lose a minute of sleep if some of them go under. It's the way it is. We do enough out here that isn't paid, if this can at least try to ensure that an owner/operator will be paid for services rendered, that's reason enough. Give it time, this along with CSA will start cleaning up this industry. Over the last few years it's really gone down hill and finally people took notice and are taking action.

 

Nobody I know of WANTS to put a broker out of business . That's not the point. The bond is to prevent the trucker from getting ripped off. If the brokers don't want the bond then may I suggest they flush their own commode ......... It's their bad players that brought the attention in the first place so......

 

I would like to see the bond totally eliminated. It is not needed. What is needed is more carriers and owners who know how to run their business. It is up to the carrier to check credit and make sure that they are dealing with honest people. If you fail to check out those with whom you extend credit then you have no one to blame but yourself. I have gotten some of my best rates from smaller brokers. If a broker fails to pay then you can file a lawsuit against them in court. You don't need a bond. I don't do business with ANYONE without checking credit unless they want to prepay or have a comcheck before the load comes off the truck. Increasing the bond will only reduce competition. The major brokers love the higher bond since it will eliminate a lot of their smaller competitors. One problem with this bond is that it can now be increased to further reduce competition. When only a few have broker authority then they can control rates and how much the carriers make. I am surprised at how many owners want more government interference in their business. Keep in mind that no matter how high the bond, there is no guarantee that you will be paid or that you can collect on the bond.

 

On any given day you have no idea who is going to rip you off. I also never said I didn't believe that truckers needed to be protected from those that would rip them off. I can handle my own protection. I don't need some regulation to handle it for me.


Perhaps one day you'll come to believe in yourself and rely on yourself, and not need a regulation to save you from everything bad, or good, on the planet.

 

Keep in mind that no matter how high the bond, there is no guarantee that you will be paid or that you can collect on the bond.

Minor correction Gman: If a bond is in place at the time of contract and is canceled the following day then the bond still protects just like an insurance policy. Even if the issuer is long gone ( cancelation ) they are on the hook til that date.

So if a trucker contracts with XYZ on 03/13 and verifies the bond is in place then he is covered until the broker pays. ( cleared ) no matter how long it takes to deliver, dispute, collect. The issuer remains on the hook for the contracted amount, sir....

 

That is the furthest from the truth, I personally know a few excellent Independent commodity brokers that are not affiliated with any firms you stated. All report over 10 million a year in net profits, so the crying Wolf will not fly with misrepresentation.