Bus Regulatory Modernization and Improvement Act of 1981

Bus Regulatory Modernization and Improvement Act of 1981 - Amends the Interstate Commerce Act to promote and maintain a privately owned motor bus system in the United States.

Directs the Interstate Commerce Commission to consider the need for specified revenue levels in the exercise of its ratemaking powers concerning common carriers of passengers by motor vehicle.

Prohibits the Commission from finding any fare or rate for the transportation of passengers to be unreasonable on the basis that it is too high or too low if it is within a specified standard fare range. Authorizes the Commission to suspend interstate passenger fares and express rates under specified conditions. Directs the Commission to adjust such rates and charges periodically. States that such findings, suspensions, or adjustments shall not apply to excursion, special, or charger fares.

Authorizes a motor common carrier of passengers to enter into a rate agreement with one or more other carriers. Directs the Commission to approve such agreement subject to specified criteria. Sets forth requirements with which an organization established or continued under such agreement must comply.

Grants the Commission exclusive authority to prescribe an intrastate rate for transportation provided by a rail carrier or motor carrier of passengers (formerly rail only).

Makes conforming amendments to specified Acts concerning the issuance of securities by motor carriers of property.

Sets forth procedures for a consolidation, merger, or an acquisition of control involving a motor carrier of passengers.

Expands the scope of certificates authorizing the transportation of passengers in charger or special operations.

Directs the Commission, under specified conditions, to issue a certificate to a person authorizing that person to provide transportation as a motor common carrier of passengers. Makes such certificates issued to persons not holding authority from the Commission effective for a maximum of three years.

Prohibits a motor carrier of passengers from: (1) engaging in interstate or foreign commerce; or (2) receiving a certificate or permit unless such carrier has filed a surety bond or certificate of insurance with the Commission.

Sets forth requirements to be met by publicly owned or government owned motor carriers of passengers which apply for such certificate or permit for special or charter operations.

Prohibits a carrier from protesting an application for such certificate or permit unless it has met specified conditions.

Prohibits a State, political subdivision thereof, or an interstate agency from enacting any law, rule, regulation, or other provision relating to the discontinuance of regular-route service by a motor common carrier of passengers.

Directs the Commission to promulgate rules for the discontinuance of essential intrastate and interstate regular route service by such carriers. Specifies criteria for such rules and sets forth procedures for the investigation of proposed discontinuance of service.

Directs the Commission to take final action within 90 days on an application by a motor carrier of passengers for temporary authority (30 days for emergency temporary authority) to provide certain transportation.

Directs that proceedings begun by the Commission under this Act shall be dismissed automatically unless they are concluded with administrative finality within three years after they were initiated.