Maybe your right and I took it the wrong way. Just would surprise me because I’ve been running trucks and had a small brokerage for years and recently came into a couple of these problems. There is no book to read to prepare for some of the fraud and tricks people play.
Brokers can be shady, but there is even more shady business goes on by bad carriers. It’s sad really and I only broker 8 to 10 loads per week.
Going to get broker authority
Discussion in 'Freight Broker Forum' started by 6wheeler, Nov 2, 2018.
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If was a broker and a load was 1650 I'd give my guys 1500. The brokerage my dad uses is run by 2 brothers in their early 30s and they are straight up honest people. It makes me wonder what rate they get if we get 1500. They only take 7 days to pay also.
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stayinback and Brettj3876 Thank this.
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You're saying that there is such a thing regarding the Brokers full rate that he receives from the shipper? -
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Can anybody find a copy of that? How would that work?
So you're saying that if you ask your broker with the rate is that he's getting federal law says he has to tell you?
I thought that was ancient Chinese secret. -
"Records to be Kept by Brokers, 49 CFR §371.3 All brokers must keep records of all transactions and all shipments for which they arrange transportation. To eliminate redundancy and to save time and effort, the regulation allows you to organize these records into master lists, containing your consignors and the motor carriers that transported their shipments. Each record of a transaction (or master list of transactions) must contain the following information: The name and address of the consignor; The name, address, and registration or USDOT number of the originating motor carrier; Bill of lading or freight bill number; The amount of compensation received by you for the brokerage service you performed and the name of the person who paid; Description of any non-brokerage service you performed regarding the shipment, and the amount of compensation paid to you and the name of the person who paid; and The amount of any freight charges collected by you and the date of payment to the motor carrier handling the shipment. As long as this information is properly recorded, you have flexibility how to organize it to maximize your productivity. You must keep these records for 3 years. The regulation gives all parties to your brokered transactions the right to review the records of transactions that involve them. Therefore, you must allow shippers and motor carriers involved in your brokered transactions to review records pertinent to them." -
Read your Agreements very carefully before signing them. I came across one recently that tried to have me waive the right to get those records if I wanted them.
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I know you posted the law, but your bolded portion is not actually part of it, which is what I was about to comment on. I'll copy/paste again just for readability.
§ 371.3 Records to be kept by brokers.
(a) A broker shall keep a record of each transaction. For purposes of this section, brokers may keep master lists of consignors and the address and registration number of the carrier, rather than repeating this information for each transaction. The record shall show:
(1) The name and address of the consignor;
(2) The name, address, and registration number of the originating motor carrier;
(3) The bill of lading or freight bill number;
(4) The amount of compensation received by the broker for the brokerage service performed and the name of the payer;
(5) A description of any non-brokerage service performed in connection with each shipment or other activity, the amount of compensation received for the service, and the name of the payer; and
(6) The amount of any freight charges collected by the broker and the date of payment to the carrier.
(b) Brokers shall keep the records required by this section for a period of three years.
(c) Each party to a brokered transaction has the right to review the record of the transaction required to be kept by these rules.
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