Association of Independent Property Brokers & Agents

Your Comments

"For a compelling historical example as to the relative insignificance of even a $100,000 surety instrument for the only category of broker likely to survive the proposed legislation in question, one only has to consider the case of Enron, which (among many other unsuccessful activities) functioned as a licensed transportation broker with a $10,000 BMC-85 trust fund filing secured through Chase Bank in Boston. In the event, a $100,000 surety instrument wouldn’t have made any significant dent in the tens of millions of dollars owed to Enron’s motor carrier creditors. So much for the mere size of a brokerage operation as an indication of future financial stability."

--Jim Sanders, AZ

"This idea that a $100,000 bond is going to stop the thieves is ridiculous. 1st if it’s going to be fair and equitable the bond should be based on the annual revenue of the broker. 2nd. every office of a broker should be required to have a bond. CHR has to have one $100,000 bond for all their offices, a small one-office broker has to have the same $100,000 bond. where's the fairness in this. CHR should minimally have to carry a $100,000 bond on each office they maintain. 3rd. Just like Real Estate and other property brokers who act in a fiduciary capacity freight brokers should be required to maintain a fiduciary escrow trust account where all monies from a freight hauling transaction are deposited. All parties, including the freight broker are paid from the escrow just like a Real Estate closing. There is no commingling of escrow trust monies and the freight broker’s general account. Much easier to track any inconsistencies or brokers trying to steal from the carrier/shipper. Plus everyone knows what everyone is being paid, full disclosure. Having been a Yacht Broker, a Real Estate Broker and an Insurance Agent. First two I was required to carry a fiduciary bond and maintain a fiduciary Escrow Trust account and the last one I wrote fiduciary bond policies. Many small carriers rely on the ability to broker excess freight to grow their operations. This will put everyone of those small carriers out of business if they have to maintain a $100,000 freight brokers bond. Something I not address in this legislation. Many small carrier/ brokers are grossing far less in their freight brokering operations than $500,000 because they are focusing on hauling asset-based freight with their trucks and are brokering out the freight for which they haven't the capacity. Gives them the extra revenue and ability to slowly grow the asset side as they build their customer base with the brokering side. The legislation puts them out of business."

--Timothy Brady from TN

"Thank you for fighting against the increased bond legislation. The TIA has really let me down on this one."

--Mark from Knoxville

"I have been in the transportation industry for over 30 years. This congress and government has declared war on small businesses in almost every industry. The new requirement of a $100,000.00 bond will drive almost all small brokers out of business. The larger companies in our industry are trying to muscle everyone out and create a monopoly for themselves. There is a fine line between doing something for protection or for control, this looks like an attack on free enterprise. I will be joining the AIPBA to add my voice to the protest!"

--Frances from Ninilchik

"We just joined your organization, we would like to help small brokers, owner operators and agents of large brokerage companies in any way we can. We started business about 1 year ago... have a lot of experience in the industry. Which includes previously being an employee of a brokerage, an agent of a large brokerage, and now an owner of a small brokerage. Give me a call sometime to see how we can mutually help in the cause of not allowing large corporations to take over the freight industry."

--Tom from Illinois

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the individual submitter and not necessiarily those of the AIPBA.