§ 57b-4. — Good faith reliance on actions of Board of Governors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC57b-4]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2--FEDERAL TRADE COMMISSION; PROMOTION OF EXPORT TRADE AND
PREVENTION OF UNFAIR METHODS OF COMPETITION
SUBCHAPTER I--FEDERAL TRADE COMMISSION
Sec. 57b-4. Good faith reliance on actions of Board of Governors
(a) ``Board of Governors'' defined
For purposes of this section, the term ``Board of Governors' means
the Board of Governors'' of the Federal Reserve System.
(b) Use as defense
Notwithstanding any other provision of law, if--
(1) any person, partnership, or corporation engages in any
conduct or practice which allegedly constitutes a violation of any
Federal law with respect to which the Board of Governors of the
Federal Reserve System has rulemaking authority; and
(2) such person, partnership, or corporation engaged in such
conduct or practice in good faith reliance upon, and in conformity
with, any rule, regulation, statement of interpretation, or
statement of approval prescribed or issued by the Board of Governors
under such Federal law;
then such good faith reliance shall constitute a defense in any
administrative or judicial proceeding commenced against such person,
partnership, or corporation by the Commission under this subchapter or
in any administrative or judicial proceeding commenced against such
person, partnership, or corporation by the Attorney General of the
United States, upon request made by the Commission, under any provision
of law.
(c) Applicability of subsection (b)
The provisions of subsection (b) of this section shall apply
regardless of whether any rule, regulation, statement of interpretation,
or statement of approval prescribed or issued by the Board of Governors
is amended, rescinded, or held to be invalid by judicial authority or
any other authority after a person, partnership, or corporation has
engaged in any conduct or practice in good faith reliance upon, and in
conformity with, such rule, regulation, statement of interpretation, or
statement of approval.
(d) Request for issuance of statement or interpretation concerning
conduct or practice
If, in any case in which--
(1) the Board of Governors has rulemaking authority with respect
to any Federal law; and
(2) the Commission is authorized to enforce the requirements of
such Federal law;
any person, partnership, or corporation submits a request to the Board
of Governors for the issuance of any statement of interpretation or
statement of approval relating to any conduct or practice of such
person, partnership, or corporation which may be subject to the
requirements of such Federal law, then the Board of Governors shall
dispose of such request as soon as practicable after the receipt of
such.
(Sept. 26, 1914, ch. 311, Sec. 23, as added Pub. L. 96-252, Sec. 16, May
28, 1980, 94 Stat. 390.)
Effective Date
Section effective May 28, 1980, see section 23 of Pub. L. 96-252,
set out as an Effective Date of 1980 Amendment note under section 45 of
this title.
