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Code · STATUTE-COMPILATIONS · Consumer Product Safety Act · Sec. 41

Sec. 41. FINANCIAL RESPONSIBILITY

278 words·~1 min read·/statute-compilations/comps-384/sec-41

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## SEC. 41 FINANCIAL RESPONSIBILITY **[**[15 U.S.C. 2088](/us/usc/t15/s2088)**]** ###
(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 Act or any other Act enforced by the Commission, for which the cost of destruction would normally exceed bond amounts determined under sections 623 and 624 of the Tariff Act of 1930 (19 U.S.C. 1623, 1624) 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 Act 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 Act or any other Act enforced by the Commission. ####
(2)Report Not later than 180 days after the date of enactment of the Consumer Product Safety Improvement Act of 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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Sec. 41
FINANCIAL RESPONSIBILITY
U.S.C.§ 2088
U.S.C.§ 1623
Cites 2Cited by 0 across 0 sources
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