
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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is amended, rescinded, or held to be invalid by judicial authority or 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.
