Every three years each licensed broker (both individual and corporate) must file a status report (Triennial Status Report) with CBP by February of the reporting year. Failure to file the report byFebruary of the reporting year will result in which of the following?
A. License suspension on March 1 of the reporting year
B. Revocation of the broker license on the 30th day after the notice of suspension
C. A penalty to the importer or agent for failure to carry out the regulatory requirements associated with import transaction documentation
D. License revocation within 60 days; however, if the broker files the required report and pays the required fee within 90 calendar days of the date of the notice of suspension, the licensewill be reinstated
E. The broker can pay whenever they want
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The Answer is: A
Citation:19 CFR ยง 111.30(d)(4)
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