U.S. Code of Federal Regulations

Regulations most recently checked for updates: Aug 28, 2025

Searching within: All TitlesTitle 31Chapter IIPart 353Subpart B - Subpart B—Registration
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§ 353.8 - Chain letters prohibited.

The issuance of bonds in the furtherance of a chain letter or pyramid scheme is considered to be against the public interest and is prohibited.