Prior to 2013, these bonds were required in the amount of just $10,000. In July 2012, the MAP-21 (Moving Ahead for Progress in the 21st Century Act) was passed, and it drastically increased the federally required bond amount to $75,000. However, the act gave brokers and forwarders until October 1 of the following year to file the increased bond. This bond does not require a set expiration date, meaning the government does not require the bond to expire annually on September 30. It just so happens that many brokers and forwarders renew their bonds at the beginning of October based on when they filed their new increased bond in 2013.
Although there has been a great deal of buzz in the industry about renewals lately, don't be alarmed if you do not need to renew your bond at this time. For example, because these bonds have a standard 1-year term, if you started your business and filed your bond in April 2013, your bond would renew annually in April.