CBP Seeks Comment on Info Collection for Import Bonds

July 2, 2020 |Customs

CBP is seeking comments by Sept. 4 on an existing information collection request for import bonds, it said in a notice. CBP proposes to extend the expiration date of this information collection with no change to the burden hours or the information collected.

CBP Forms 301 and 5297

Bonds are used to ensure that duties, taxes, charges, penalties and reimbursable expenses owed to the government are paid; to facilitate the movement of cargo and conveyances through CBP processing; and to provide legal recourse for the government for noncompliance with laws and regulations. Bonds are required pursuant to 19 U.S.C.1608, 1623; 22 U.S.C. 463; 19 CFR part 113. Each person who is required by law or regulation to post a bond in order to secure a Customs transaction must submit the bond on CBP Form 301.

Surety bonds are usually executed by an agent of the surety. The surety company grants authority to the agent via a Corporate Surety Power of Attorney, CBP Form 5297.

This power is vested with CBP so that when a bond is filed, the validity of the authority of the agent executing the bond and the name of the surety can be verified to the surety's grant.

CBP Estimates

For CBP Form 301, CBP estimated 750,000 total annual responses, estimated to create about 187,500 total annual burden hours. For CBP Form 5297, CBP estimated 500 total annual responses, estimated to create about 125 total annual burden hours.

Comments Requested on Ways to Minimize Burden, Etc.

CBP is asking for comments from the public and other federal agencies on (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimates of the burden of the collection of information; (c) ways to enhance the quality, utility and clarity of the information to be collected; and (d) ways to minimize the burden, including the use of automated collection techniques or the use of other forms of information technology.

(Federal Register 07/06/20)