§ 535.421. Prior contractual commitments not a basis for licensing.
75 words·~1 min read·
/us/cfr/t31/s§ 535.421·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Specific licenses are not issued on the basis that an unlicensed firm commitment or payment has been made in connection with a transaction prohibited by this part. Contractual commitments to engage in transactions subject to the prohibitions of this part should not be made, unless the contract specifically states that the transaction is authorized by general license or that it is subject to the issuance of a specific license. \[45 FR 24433, Apr. 9, 1980\]