[Code of Federal Regulations]

[Title 49, Volume 5]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 49CFR371.3]



[Page 62]

 

                        TITLE 49--TRANSPORTATION

 

                      DEPARTMENT OF TRANSPORTATION

 

PART 371_BROKERS OF PROPERTY--Table of Contents

 

Sec. 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.



[45 FR 68942, Oct. 17, 1980. Redesignated at 61 FR 54707, Oct. 21, 1996, 

as amended at 62 FR 15421, Apr. 1, 1997]