§14123 — Title 49 Transportation | U.S. Code

§14123 Financial reporting

Title 49 › Subtitle SUBTITLE IV— - INTERSTATE TRANSPORTATION › Part PART B— - MOTOR CARRIERS, WATER CARRIERS, BROKERS, AND FREIGHT FORWARDERS › Chapter CHAPTER 141— - OPERATIONS OF CARRIERS › Subchapter SUBCHAPTER II— - REPORTS AND RECORDS › § 14123

Last updated Apr 6, 2026|Official source

Summary

The Secretary must make Class I and Class II motor carriers file yearly financial and safety reports. The Secretary will set the form and what the reports must show, but at least each must include a balance sheet and a profit-and-loss (income) statement. The Secretary can also require other carriers and related businesses, or groups of them, to send quarterly, special, or other reports and answer surveys. When picking what to ask for, the Secretary must think about safety, keeping trade secrets and other private business facts safe, how people and groups will use the information, and the public interest. The Secretary can exempt a company from filing if it shows good reason, such as preventing competitive harm or protecting confidential business facts. Companies that are not publicly traded or not under SEC rules can ask that their reports not be made public. After notice and comment, the Secretary must decide on such a request within 90 days and grant it if the report would reveal trade secrets or confidential business information. Exemptions last for 3 years. The Secretary can still use the data inside the Department or include it in industry totals if individual companies cannot be identified. The Secretary must keep reporting rules as simple as possible.

Title 49, §14123

Transportation — Source: USLM XML via OLRC

(a)(1)The Secretary shall require Class I and Class II motor carriers to file with the Secretary annual financial and safety reports, the form and substance of which shall be prescribed by the Secretary; except that, at a minimum, such reports shall include balance sheets and income statements.

(2)The Secretary may require motor carriers, freight forwarders, brokers, lessors, and associations, or classes of them as the Secretary may prescribe, to file quarterly, periodic, or special reports with the Secretary and to respond to surveys concerning their operations.

(b)In determining the matters to be covered by any reports to be filed under subsection (a), the Secretary shall consider—

(1)safety needs;

(2)the need to preserve confidential business information and trade secrets and prevent competitive harm;

(3)private sector, academic, and public use of information in the reports; and

(4)the public interest.

(c)(1)The Secretary may exempt upon good cause shown any party from the financial reporting requirements of subsection (a). Any request for such exemption must demonstrate, at a minimum, that an exemption is required to avoid competitive harm and preserve confidential business information that is not otherwise publicly available.

(2)(A)The Secretary shall allow, upon request, a filer of a report under subsection (a) that is not a publicly held corporation or that is not subject to financial reporting requirements of the Securities and Exchange Commission, an exemption from the public release of such report.

(B)After a request under subparagraph (A) and notice and opportunity for comment but in no event later than 90 days after the date of such request, the Secretary shall approve such request if the Secretary finds that the exemption requested is necessary to avoid competitive harm and to avoid the disclosure of information that qualifies as a trade secret or privileged or confidential information under section 552(b)(4) of title 5.

(C)If an exemption is granted under this paragraph, nothing shall prevent the Secretary from using data from reports filed under this subsection for internal purposes of the Department of Transportation or including such data in aggregate industry statistics released for publication if such inclusion would not render the filer’s data readily identifiable.

(D)The Secretary shall not release publicly the report of a carrier making a request under subparagraph (A) while such request is pending.

(3)Exemptions granted under this subsection shall be for 3-year periods.

(d)The Secretary shall streamline and simplify, to the maximum extent practicable, any reporting requirements the Secretary imposes under this section.

Notes & Related Subsidiaries

Historical and Revision Notes

Pub. L. 105–102This amends 49:14123(c)(2)(B) to correct a grammatical error.

Editorial Notes

Prior Provisions

Provisions similar to those in this section were contained in section 11145 of this title prior to the general amendment of this subtitle by Pub. L. 104–88, § 102(a).

Amendments

1997—Subsec. (c)(2)(B). Pub. L. 105–102 inserted “in” before “no event”.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Jan. 1, 1996, except as otherwise provided in Pub. L. 104–88, see section 2 of Pub. L. 104–88, set out as a note under section 1301 of this title.