§ 2088. Financial responsibility

267 words·~1 min read·/usc/title-15/section-2088

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(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.

(Pub. L. 92–573, § 41, as added Pub. L. 110–314, title II, § 224(a), Aug. 14, 2008, 122 Stat. 3069.)

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Cited by 2 sections

statute-compilations

Sec. 41
FINANCIAL RESPONSIBILITY

statutes-at-large

Public Law 110–314
To establish consumer product safety standards and other safety requirements for children’s products and to reauthorize and modernize the Consumer Product Safety Commission

3 references not yet in our index

Pub. L. 92–573, § 41
Pub. L. 110–314, title II, § 224(a)
122 Stat. 3069

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§ 2088

Financial responsibility

Stat. Comp.×1

Stat.×1

Pub. L.Pub. L. 92–573, § 41

Pub. L.Pub. L. 110–314, title II, § 224(a)

Stat.122 Stat. 3069

Cites 3Cited by 2 across 2 sources