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Illinois Statutes Chapter 625. Vehicles § 5/18c-5106. Records of Brokers

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 18c-5106. Records of Brokers. (1) Records to be Kept by Brokers. A broker shall keep a record of each transaction which shows:

(a) The name, address, and license number of the motor carrier or carriers;

(b) The name and address of the shipper, consignor, and consignee;

(c) The Bill of Lading or freight bill number;

(d) The amount of compensation received by the broker for brokering service, and the identity of the payor;

(e) A description of any non-brokering service provided in connection with each shipment or other activity, the amount of compensation received for such non-brokering service, and the identity of the payor;

(f) The amount of any freight charges collected by the broker, the date on which such charges were paid over to the carrier, and the amount of payment to the carrier; and

(g) Any other information which the Commission may prescribe.

(2) Maintenance of Records. Records required to be kept under this Section shall be maintained at an office within the State of Illinois, unless maintenance of an office outside the State of Illinois is expressly authorized by the Commission, and shall be maintained for a period of 3 years after the date on which the shipment was delivered.

(3) Accounting. Each broker which engages in other business shall maintain accounts so that the brokering portion of its business or businesses is segregated from its other activities.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 625. Vehicles § 5/18c-5106. Records of Brokers - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-625-vehicles/il-st-sect-625-5-18c-5106/

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