In 1979, after years of owner-operators getting burned by handshake lease terms, federal regulators wrote 49 CFR Part 376. It is short, blunt, and worth reading before you sign anything — here's the working summary.
The lease must be written, and you get a copy
No verbal terms, no 'we'll sort it at orientation.' The regulation requires a written lease signed by both parties, with a copy in your hands. Anything a recruiter promised that isn't in the document does not exist.
Compensation and chargebacks, itemized
Section 376.12 requires the lease to state how you're paid — amount, percentage, or formula — and to itemize every chargeback: each deduction the carrier can take, with the amount or how it's computed. You're also entitled to see the rated freight bill behind a percentage load, so you can check the math yourself.
Escrow: the part most drivers skip
If the carrier holds an escrow (maintenance fund, security deposit), the lease must say what it's for, provide an accounting, pay interest, and return the balance within 45 days of termination. The 45-day rule is where bad carriers reveal themselves — ask any carrier how they handle escrow returns and watch the answer.
Use it as a filter
The fastest way to evaluate a lease-on program: bring a printed copy of Part 376 to the signing and check the lease against it, section by section. A carrier that welcomes the exercise is a carrier you can probably work with. A carrier that gets defensive just saved you a bad year.