Regulatory status checked November 3, 2026. The new proposal remains under review and has not taken effect.
How much information should a freight broker share about a shipment? It's an old question, but it is back in focus as the Federal Motor Carrier Safety Administration (FMCSA) considers changes to the rules governing broker transaction records.
The proposal could affect how brokers maintain records and respond when carriers or shippers ask to see them. But the key point is that no new 48-hour disclosure requirement is in effect today.
Here's what 49 CFR 371.3 already requires, what FMCSA proposed in 2024, and what carriers, brokers, freight agents and shippers should check now.
Where the FMCSA Broker Transparency Rule Stands in November 2026
The current rule is 49 CFR 371.3, Records to be Kept by Brokers. It has been in place for decades and remains in force.
The rulemaking has moved through several stages:
2020: Carrier groups, including the Owner-Operator Independent Drivers Association (OOIDA) and the Small Business in Transportation Coalition (SBTC), petitioned FMCSA to strengthen access to broker records.
November 20, 2024: FMCSA published a proposed rule to modernize recordkeeping and access requirements.
February 18–March 20, 2025: FMCSA reopened the proposal's public comment period.
August 27, 2026: A supplemental proposed rule was submitted for White House Office of Information and Regulatory Affairs (OIRA) review.
November 3, 2026: OIRA still lists the supplemental proposal as pending review. Its text has not yet been published.
That last distinction matters. The 2024 proposal is not a final rule, and the supplemental proposal may change or replace parts of it. Businesses should not treat its suggested requirements as already binding.
What 49 CFR 371.3 Requires Today
The existing rule requires property brokers to keep a record of every brokered transaction. The required record includes:
The name and address of the consignor.
The name, address and registration number of the originating motor carrier.
The bill of lading or freight bill number.
The compensation received by the broker for brokerage services, including the payer's name.
Information about any non-brokerage services performed, including the compensation received and payer.
The freight charges collected by the broker and the date of payment to the carrier.
Brokers must retain these records for three years. The regulation also states that each party to a brokered transaction has the right to review the record for that transaction.
The rule does not currently prescribe a 48-hour response deadline or require all records to be maintained and delivered electronically.
A useful distinction: 371.3 specifies particular information that must appear in the transaction record. A brokerage may keep additional operational information, including carrier payment amounts, rate confirmations and proofs of delivery, but those extra documents should not automatically be described as fields expressly required by 371.3.
What the 2024 Broker Transparency Proposal Would Change
FMCSA's November 2024 proposal sought to make record access easier and more consistent. It included four major changes:
Electronic recordkeeping. Brokers would be required to maintain the relevant transaction records electronically.
Electronic delivery within 48 hours of a request. A party to the transaction could request its records, and the broker would have to supply them electronically within 48 hours after receiving that request.
A clearer regulatory duty. The obligation to provide records would be expressed as a broker compliance requirement, rather than only a right held by the requesting party.
More detailed payment information. The record would more clearly itemize freight charges, surcharges, accessorial fees, relevant payment dates and penalties connected to the shipment.
The proposal did not require brokers to send transaction records automatically after every load. Disclosure would remain request-based.
The proposal also did not contain an outright ban on every confidentiality provision. FMCSA distinguished confidentiality agreements with non-parties from the broker's proposed duty to disclose records to participants in the transaction.
The supplemental proposal now under review has not been made public. It is not yet possible to say which of these provisions FMCSA will retain.
What About Waivers in Broker–Carrier Agreements?
Some broker–carrier agreements include language in which the carrier waives access to transaction records. Such clauses have been central to the debate.
Carrier groups argue that these waivers weaken the right to review records. FMCSA's 2024 proposal tried a different approach from an explicit waiver ban: it would establish disclosure as a direct regulatory duty imposed on brokers.
That distinction could be important if a final rule follows the same approach. However, no final rewrite has been issued, and the enforceability of particular contractual terms depends on the governing law and the agreement itself.
For carriers, brokers and shippers, the practical step is to review the agreements currently in use and get legal advice on clauses that may conflict with regulatory obligations. Do not assume a waiver is automatically valid or automatically void.
What Carriers and Owner-Operators Can Do Now
Carriers do not need to wait for a new regulation to improve their documentation.
Keep a complete shipment file. Retain rate confirmations, bills of lading, proof of delivery, accessorial approvals, invoices and proof of payment.
Read your broker agreements. Look for transaction-record provisions, confidentiality terms and waiver language. Know what you agreed to before a dispute develops.
Make record requests clearly. If you request the broker's transaction record, identify the load and put the request in writing so there is a reliable record of when it was sent.
Use the information in context. One shipment's charges do not tell the full story of a brokerage's operating costs, credit exposure or services. Transaction records may be valuable when reviewing payment discrepancies or alleged misrepresentations, but they are not a regulatory cap on broker margins.
What Brokers and Freight Agents Should Review
For brokerages, the biggest practical question is whether the team can assemble an accurate record for a shipment without rebuilding it from emails and spreadsheets.
A sensible internal review includes:
Confirming that each load has the correct shipper, carrier, reference and billing information.
Checking that brokerage compensation and charges collected are recorded accurately.
Retaining payment dates and maintaining supporting accounting documents.
Making sure authorized staff can locate transaction information from the required three-year retention period.
Establishing a process for reviewing and responding to record requests, including verification that the requester is a party to the transaction.
Reviewing confidentiality language and who is authorized to approve disclosures.
Freight agents working under a brokerage's authority should coordinate with that brokerage's compliance and operations teams. The regulatory duty attaches to the licensed broker; agents can help by keeping complete, consistent files.
For more on the distinction between agency arrangements and operating independently, see Freight Agent vs. Your Own Broker Authority in 2026.
Why Shippers Should Pay Attention
Broker transparency is often discussed as a carrier issue, but shippers are part of the discussion too.
A broker transaction record includes the amount of freight charges collected. Under the current rule, parties to a brokered transaction may review the record for that transaction. Depending on the shipment and the agreement, that may bring commercially sensitive rate information into view.
This does not mean every carrier can obtain every shipper's contracted rates. The rule concerns records for transactions in which the requester was a party, and the particular contractual and legal context matters.
Shippers should ask their brokers:
How do you handle requests to review shipment transaction records?
Which staff members can access our freight rates and supporting documentation?
How are commercially sensitive terms handled alongside regulatory disclosure duties?
Are the records for our shipments accurate, organized and available if a dispute arises?
The goal is not to create tension between shippers, carriers and brokers. Clear expectations and reliable documentation reduce surprises for everyone.
A Separate Broker Rule Is Already in Effect
The transparency proposal should not be confused with FMCSA's broker and freight forwarder financial responsibility requirements, which took effect on January 16, 2026.
Brokers must maintain $75,000 in financial security through a BMC-84 surety bond or BMC-85 trust fund. Updated rules strengthen procedures around eligible trust assets, provider notifications and possible suspension when financial security falls below the required level.
Under 49 CFR 387.307, the suspension process includes formal notice and a seven-business-day opportunity to respond in the circumstances specified by the regulation.
Carriers evaluating a new brokerage can check its operating authority and available insurance or financial responsibility filings through FMCSA's official systems. These requirements are already in force, independently of any future transparency changes.
What Happens Next?
As of November 3, 2026, the supplemental broker transparency proposal is still undergoing OIRA review. The review may conclude with publication of a supplemental proposal, further revisions or other agency action.
If a supplemental proposal is published in the Federal Register, the public would have an opportunity to review its text and respond during the applicable comment period. A final rule, if adopted, would follow a separate rulemaking step and specify when compliance begins.
There is no confirmed effective date for a new broker transparency rule. Any article claiming that the proposed 48-hour standard already applies should be treated cautiously.
Frequently Asked Questions
Is the FMCSA 48-hour broker transparency rule effective now?
No. The 48-hour electronic disclosure requirement appeared in the November 2024 proposed rule, but no final rule establishing that requirement is in effect as of November 3, 2026.
Can carriers currently ask brokers to review transaction records?
Yes. Current 49 CFR 371.3 gives each party to a brokered transaction the right to review the record for that transaction. The present regulation does not prescribe a specific 48-hour turnaround.
Does a broker have to disclose its margin on every load automatically?
No. The existing rule provides a right to review records for transactions in which the requester is a party. The 2024 proposal also relied on requests, rather than automatic disclosures after every load.
How long must brokers retain transaction records?
Three years under 49 CFR 371.3(b).
Are broker transparency and the $75,000 broker bond rule the same regulation?
No. Broker transparency is addressed in 49 CFR 371.3. Broker financial security is covered separately under 49 CFR 387.307 and related provisions.
The Bottom Line
FMCSA is reviewing how property brokers keep and share transaction records, but the most discussed changes are still proposals.
For carriers, the immediate priority is keeping good shipment records and understanding existing access rights. For brokers and freight agents, it is making sure transaction files are accurate, retrievable and supported by clear internal procedures. For shippers, it is understanding how confidential rate information intersects with records kept for brokered loads.
Good documentation should not depend on a future rulemaking. It supports clearer communication, faster dispute resolution and stronger working relationships today.
Working With Varstar Alliance
Varstar Alliance serves shippers and carriers across the U.S. and Canada through truckload, LTL and cross-border transportation services.
If you have questions about shipment documentation, carrier coordination or freight solutions, contact the Varstar Alliance team. For questions about specific legal obligations or contract language, consult qualified legal counsel.
Related Reading
Sources
FMCSA: Transparency in Property Broker Transactions, Proposed Rule (November 20, 2024)
49 CFR 387.307: Property Broker Surety Bond or Trust Fund (eCFR)
This article is for general industry information only and is not legal advice. The supplemental proposal was still pending OIRA review as of November 3, 2026. Requirements and dates may change. Businesses should review the applicable regulations, carrier agreements and professional legal guidance before making compliance decisions.