October 2021 — Question 74
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 by February of the reporting year will result in which of the following?
- ALicense suspension on March 1 of the reporting year✓ CBP's answer
- BRevocation of the broker license on the 30th day after the notice of suspension
- CA penalty to the importer or agent for failure to carry out the regulatory requirements associated with import transaction documentation
- DLicense 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 license will be reinstated
- EThe broker can pay whenever they want
CBP's cited authority
§ 19 CFR § 111.30(d)(4)
Answer and citations as published in CBP's official answer key for the October 2021 examination.
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