This was a law passed by the United States Congress and covers the entire United States. It instructed the Federal Communications Commission to create rules concerning telemarketing. This law is different than many other telemarketing laws because it allows the consumer to collect this money directly from the company being represented by the call.
Some calls are exempt such as charity donation and survey calls.
There is no grace period discussed in the rules. Most telemarketers use a 'predictive dialer' system. It is a computer system with a number of phone lines. The computer keeps dialing numbers and when someone answers and says 'hello' the call is transferred to a free operator. Busy signals, answering machines, and unanswered calls are normally disconnected by the computer.