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15 U.S.C. § 2088 - U.S. Code - Unannotated Title 15. Commerce and Trade § 2088. Financial responsibility

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)Identification and determination of bond

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.

(b)Study of requiring escrow for recalls and destruction of products

(1)Study

The Comptroller General shall conduct a study to determine the feasibility of requiring--

(A) 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

(B) 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.

(2)Report

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.

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Cite this article: FindLaw.com - 15 U.S.C. § 2088 - U.S. Code - Unannotated Title 15. Commerce and Trade § 2088. Financial responsibility - last updated January 01, 2024 | https://codes.findlaw.com/us/title-15-commerce-and-trade/15-usc-sect-2088/

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