Part 371 — Brokers of Property
49 CFR Part 371: The federal rules governing freight brokers — what they must disclose, record, and maintain.
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49 CFR Part 371 defines the regulatory obligations of property brokers — companies or individuals that arrange for transportation of freight by motor carriers without actually hauling the freight themselves. Brokers play a central role in the trucking industry by connecting shippers with carriers, but they operate under a distinct set of federal rules separate from those governing carriers.
Under Part 371, brokers must maintain detailed records of each transaction they arrange, including the names of the shipper and carrier, the rate charged to the shipper, the amount paid to the carrier, and any profit the broker retained. These records must be made available to any party to the transaction on request, creating a transparency requirement intended to prevent deceptive brokering practices.
Part 371 must be read alongside Part 387, which requires brokers to maintain a surety bond or trust fund of at least $75,000 as financial security. Together, these regulations define the compliance obligations of the freight brokerage sector, which has grown enormously since deregulation opened the industry in 1980.
Key Provisions
- Defines the legal obligations of property brokers arranging freight transportation.
- Requires detailed recordkeeping of each brokered transaction including carrier rates and broker compensation.
- Records must be available to shippers and carriers who are parties to the transaction on request.
- Prohibits misrepresentation about the broker’s role or about carrier qualifications.
- Works with Part 387 to set financial responsibility requirements for brokers ($75,000 bond or trust).
Why It Matters to Truck Owners
If you dispatch or broker loads in addition to operating trucks, Part 371 defines your recordkeeping and disclosure obligations as a broker. The $75,000 bond requirement under Part 387 also applies — and as of January 2026, the bond must be maintained in liquid assets. Operating as a broker without proper authority or bond is a significant federal violation.
Frequently Asked Questions
What records must a freight broker keep under Part 371?
Brokers must maintain records for each transaction including: the name of the shipper, the name of the carrier, the origin and destination, the amount charged to the shipper, the amount paid to the carrier, and any broker compensation. These records must be available to parties to the transaction on request.
Can freight brokers withhold carrier rate information from shippers?
Shippers who are parties to a brokered transaction have the right to access the records of that transaction, including what the carrier was paid. Brokers cannot contractually prevent this right — provisions in broker-shipper agreements that purport to waive it are unenforceable under Part 371.
What authority do freight brokers need from FMCSA?
Freight brokers must obtain broker operating authority from FMCSA under Part 365, maintain a $75,000 surety bond or trust fund under Part 387, and designate process agents under Part 366. They must also register under the UCR program.
Read the official legal text: 49 CFR Part 371 — eCFR.gov (official)
Related Federal Trucking Laws
- Part 365 — Rules Governing Applications for Operating Authority
- Part 387 — Minimum Levels of Financial Responsibility
- Part 366 — Designation of Process Agents
- Part 367 — Standards for Registration with States (UCR)
This page is provided for informational purposes only and is not legal advice. Always verify current requirements at fmcsa.dot.gov or with a qualified transportation attorney.
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