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Title 15 — Commerce and TradeRelease 119-73

§37 Immunity from antitrust laws

Title 15 › Chapter CHAPTER 1— - MONOPOLIES AND COMBINATIONS IN RESTRAINT OF TRADE › § 37

Last updated Apr 6, 2026|Official source

Summary

Gives charities and people who deal with charitable gift annuities and charitable remainder trusts protection from antitrust laws (laws that stop unfair business competition). If someone sets rates, agrees to terms, negotiates, issues, helps plan, or pays these annuities or trusts, they cannot be sued under those laws for those actions. That protection also means they do not have to face the costs or burdens of discovery and trial for those matters. Annuities or trusts are treated as such if they appear in a donor’s IRS filing or in written materials the charity gives the donor. But if a State passed a law on or before December 8, 1998 that says this protection does not apply, then the protection won’t cover annuities or trusts created after that state law.

Full Legal Text

Title 15, §37

Commerce and Trade — Source: USLM XML via OLRC

(a)Except as provided in subsection (d), 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)Except as provided in subsection (d), 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)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;
(d)Subsections (a) and (b) 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) shall not apply with respect to such charitable gift annuities and such charitable remainder trusts.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

For definition of “antitrust laws”, referred to in text, see section 37a(1) of this title.

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.

Statutory Notes and Related Subsidiaries

Effective Date

of 1997 Amendment Pub. L. 105–26, § 3, July 3, 1997, 111 Stat. 242, 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

Pub. L. 104–63, § 4, Dec. 8, 1995, 109 Stat. 688, 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 Pub. L. 105–26, § 4, July 3, 1997, 111 Stat. 242, 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].”

Reference

Citations & Metadata

Citation

15 U.S.C. § 37

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73