15 U.S. Code § 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statement of interpretation, or statement of approval prescribed or issued by the Board of Governors is amended, rescinded, or held to be invalid by judicial authority or any other authority after a person, partnership, or corporation has engaged in any conduct or practice in good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.

Source

(Sept. 26, 1914, ch. 311, § 23, as added Pub. L. 96–252, § 16,May 28, 1980, 94 Stat. 390.)
Effective Date

Section effective May 28, 1980, see section 23 ofPub. L. 96–252, set out as an Effective Date of 1980 Amendment note under section 45 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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15 USCDescription of ChangeSession YearPublic LawStatutes at Large

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.


16 CFR - Commercial Practices

16 CFR Part 5 - STANDARDS OF CONDUCT

16 CFR Part 14 - ADMINISTRATIVE INTERPRETATIONS, GENERAL POLICY STATEMENTS, AND ENFORCEMENT POLICY STATEMENTS

16 CFR Part 20 - GUIDES FOR THE REBUILT, RECONDITIONED AND OTHER USED AUTOMOBILE PARTS INDUSTRY

16 CFR Part 251 - GUIDE CONCERNING USE OF THE WORD “FREE” AND SIMILAR REPRESENTATIONS

16 CFR Part 254 - GUIDES FOR PRIVATE VOCATIONAL AND DISTANCE EDUCATION SCHOOLS

16 CFR Part 255 - GUIDES CONCERNING USE OF ENDORSEMENTS AND TESTIMONIALS IN ADVERTISING

16 CFR Part 259 - GUIDE CONCERNING FUEL ECONOMY ADVERTISING FOR NEW AUTOMOBILES

16 CFR Part 260 - GUIDES FOR THE USE OF ENVIRONMENTAL MARKETING CLAIMS

16 CFR Part 320 - DISCLOSURE REQUIREMENTS FOR DEPOSITORY INSTITUTIONS LACKING FEDERAL DEPOSIT INSURANCE

16 CFR Part 410 - DECEPTIVE ADVERTISING AS TO SIZES OF VIEWABLE PICTURES SHOWN BY TELEVISION RECEIVING SETS

16 CFR Part 423 - CARE LABELING OF TEXTILE WEARING APPAREL AND CERTAIN PIECE GOODS AS AMENDED

16 CFR Part 425 - USE OF PRENOTIFICATION NEGATIVE OPTION PLANS

16 CFR Part 429 - RULE CONCERNING COOLING-OFF PERIOD FOR SALES MADE AT HOMES OR AT CERTAIN OTHER LOCATIONS

16 CFR Part 432 - POWER OUTPUT CLAIMS FOR AMPLIFIERS UTILIZED IN HOME ENTERTAINMENT PRODUCTS

16 CFR Part 433 - PRESERVATION OF CONSUMERS' CLAIMS AND DEFENSES

16 CFR Part 436 - DISCLOSURE REQUIREMENTS AND PROHIBITIONS CONCERNING FRANCHISING

16 CFR Part 438

16 CFR Part 455 - USED MOTOR VEHICLE TRADE REGULATION RULE

16 CFR Part 460 - LABELING AND ADVERTISING OF HOME INSULATION

 

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