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Commerce and Trade - 15 USC Section 37
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01/03/05 Sec. 37. Immunity from antitrust laws
(a) Inapplicability of antitrust laws
Except as provided in subsection (d) of this section, the
antitrust laws, and any State law similar to any of the antitrust
laws, shall not apply to charitable gift annuities or charitable
remainder trusts.
(b) Immunity
Except as provided in subsection (d) of this section, any person
subjected to any legal proceeding for damages, injunction,
penalties, or other relief of any kind under the antitrust laws, or
any State law similar to any of the antitrust laws, on account of
setting or agreeing to rates of return or other terms for,
negotiating, issuing, participating in, implementing, or otherwise
being involved in the planning, issuance, or payment of charitable
gift annuities or charitable remainder trusts shall have immunity
from suit under the antitrust laws, including the right not to bear
the cost, burden, and risk of discovery and trial, for the conduct
set forth in this subsection.
(c) Treatment of certain annuities and trusts
Any annuity treated as a charitable gift annuity, or any trust
treated as a charitable remainder trust, either -
(1) in any filing by the donor with the Internal Revenue
Service; or
(2) in any schedule, form, or written document provided by or
on behalf of the donee to the donor;
shall be conclusively presumed for the purposes of this section and
section 37a of this title to be respectively a charitable gift
annuity or a charitable remainder trust, unless there has been a
final determination by the Internal Revenue Service that, for fraud
or otherwise, the donor's annuity or trust did not qualify
respectively as a charitable gift annuity or charitable remainder
trust when created.
(d) Limitation
Subsections (a) and (b) of this section shall not apply with
respect to the enforcement of a State law similar to any of the
antitrust laws, with respect to charitable gift annuities, or
charitable remainder trusts, created after the State enacts a
statute, not later than December 8, 1998, that expressly provides
that subsections (a) and (b) of this section shall not apply with
respect to such charitable gift annuities and such charitable
remainder trusts.
AMENDMENTS
1997 - Pub. L. 105-26 amended section generally. Prior to
amendment, section related to modification of antitrust laws to
allow two or more charitable organizations to use, or to agree to
use, the same annuity rate in issuing one or more charitable gift
annuities and to limitations on such conduct.
EFFECTIVE DATE OF 1997 AMENDMENT
Section 3 of Pub. L. 105-26 provided that: "This Act [see Short
Title of 1997 Amendments note set out under section 1 of this
title], and the amendments made by this Act, shall apply with
respect to all conduct occurring before, on, or after the date of
the enactment of this Act [July 3, 1997] and shall apply in all
administrative and judicial actions pending on or commenced after
the date of the enactment of this Act."
EFFECTIVE DATE
Section 4 of Pub. L. 104-63 provided that: "This Act [enacting
this section, section 37a of this title, and provisions set out as
a note under section 1 of this title] shall apply with respect to
conduct occurring before, on, or after the date of the enactment of
this Act [Dec. 8, 1995]."
STUDY AND REPORT
Section 4 of Pub. L. 105-26 provided that:
"(a) Study and Report. - The Attorney General shall carry out a
study to determine the effect of this Act [see Short Title of 1997
Amendments note set out under section 1 of this title] on markets
for noncharitable annuities, charitable gift annuities, and
charitable remainder trusts. The Attorney General shall prepare a
report summarizing the results of the study.
"(b) Details of Study and Report. - The report referred to in
subsection (a) shall include any information on possible
inappropriate activity resulting from this Act and any
recommendations for legislative changes, including recommendations
for additional enforcement resources.
"(c) Submission of Report. - The Attorney General shall submit
the report referred to in subsection (a) to the Chairman and the
ranking member of the Committee on the Judiciary of the House of
Representatives, and to the Chairman and the ranking member of the
Committee on the Judiciary of the Senate, not later than 27 months
after the date of the enactment of this Act [July 3, 1997]."
Last modified: June 14, 2006
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