15 U.S.C. § 2088 — Financial responsibility
submitted 18 years ago by Pub. L. 92-573 to r/title-15-COMMERCE-AND-TRADE · 248 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The Commission*, in consultation with U.S. Customs and Border Protection and other relevant Federal agencies, shall identify any consumer product*, or other product or substance that is regulated under this chapter or any other Act enforced by the Commission, for which the cost of destruction would normally exceed bond amounts determined under sections 1623 and 1624 of title 19 and shall recommend to U.S. Customs and Border Protection a bond amount sufficient to cover the cost of destruction of such products or substances.
The Comptroller General shall conduct a study to determine the feasibility of requiring—
the posting of an escrow, proof of insurance, or security sufficient in amount to cover the cost of destruction of a domestically-produced product or substance regulated under this chapter or any other Act enforced by the Commission; and
the posting of an escrow, proof of insurance, or security sufficient in amount to cover the cost of an effective recall of a product or substance, domestic or imported, regulated under this chapter or any other Act enforced by the Commission.
Not later than 180 days after August 14, 2008, the Comptroller General shall transmit to the appropriate Congressional committees* a report on the conclusions of the study required under paragraph (1), including an assessment of whether such an escrow requirement could be implemented and any recommendations for such implementation.
Source credit: (Pub. L. 92–573, § 41, as added Pub. L. 110–314, title II, § 224(a), Aug. 14, 2008, 122 Stat. 3069.)
- 2008Enacted · Pub. L. 92-573 · 122 Stat. 3069
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-573 on 2008-08-14.
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