2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 47 - Consumer Product Safety (Sections 2051 - 2089)
Sec. 2088 - Financial responsibility

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Publication TitleUnited States Code, 2012 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 15 - COMMERCE AND TRADE
CHAPTER 47 - CONSUMER PRODUCT SAFETY
Sec. 2088 - Financial responsibility
Containssection 2088
Date2015
Laws In Effect As Of DateJanuary 3, 2016
Positive LawNo
Dispositionstandard
Source CreditPub. L. 92-573, §41, as added Pub. L. 110-314, title II, §224(a), Aug. 14, 2008, 122 Stat. 3069.
Statutes at Large Reference122 Stat. 3069
Public and Private LawPublic Law 92-573, Public Law 110-314

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15 U.S.C. § 2088 (2015)

§2088. Financial responsibility

(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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