PUBLIC LAW 104-88 —DEC. 29, 1995 109 STAT. 893 "(2) ASSOCIATION.— The term 'association' means an organization maintained by or in the interest of a group of carriers or brokers providing transportation or service subject to jurisdiction under chapter 135 that performs a service, or engages in activities, related to transportation under this part. "§ 14122. Records: form; inspection; preservation "(a) FORM OF RECORDS. — The Secretary or the Board, as applicable, may prescribe the form of records required to be prepared or compiled under this subchapter by carriers and brokers, including records related to movement of traffic and receipts and expenditures of money. "(b) RIGHT OF INSPECTION.— The Secretary or Board, or an employee designated by the Secretary or Board, may on demand and display of proper credentials— "(1) inspect and examine the lands, buildings, and equipment of a carrier or broker; and "(2) inspect and copy any record of— "(A) a carrier., broker, or association; and "(B) a person controlling, controlled by, or under common control with a carrier if the Secretary or Board, as applicable, considers inspection relevant to that person's relation to, or transaction with, that carrier. " (c) PERIOD FOR PRESERVATION OF RECORDS. —The Secretary or Board, as applicable, may prescribe the time period during which operating, accounting, and financial records must be preserved by carriers and brokers. "§ 14123. Financial reporting "(a) REPORTS. — "(1) ANNUAL REPORTS.— 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) OTHER REPORTS. — 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) MATTERS TO BE COVERED.— 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) EXEMPTIONS. — "(1) FROM FILING. —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. 99-194 O-95-30:QL3Partl
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