§ 503. Administration. 1. The commissioner is hereby authorized and directed to prescribe such rules and regulations, including provisions for maintenance of records relating to products, fabrics or related materials, and for the labeling for a product, fabric or related material, as may be necessary and proper for purposes of administration and enforcement of this article.

2. The commissioner is hereby authorized and directed to promulgate the standards of flammability and shall include such standards of flammability in such rules and regulations which he may publish.

3. Such standards, rules and regulations, promulgated by the commissioner pursuant to this article, shall be filed in the office of the secretary of state before becoming effective and may be amended and revised from time to time. Each such standard, rule or regulation or amendment thereto shall become effective twelve months from the date on which such standard, rule, regulation or amendment is promulgated, unless the commissioner finds for good cause shown that an earlier or later effective date is in the public interest and publishes the reason for such finding. Each such standard, rule or regulation or amendment thereto shall exempt products, fabrics or related materials in inventory or with the trade as of the date on which the standard, rule or regulation or amendment thereto becomes effective except that if the commissioner finds that any such product, fabric or related material is so highly flammable as to be dangerous when used by consumers for the purpose for which it is intended, he may under such conditions as the commissioner may prescribe, withdraw, or limit the exemptions for such product, fabric or related material.

4. The commissioner is authorized to cooperate on matters related to the purposes of this article with any department or agency of the federal, state or municipal government; with any state, territory or possession of the United States or with the District of Columbia; or with any department, agency or political subdivision thereof; or with any person.

5. The commissioner may obtain from any person by regulation or subpoena issued pursuant thereto such information in the form of testimony, books, records, or other writings as is pertinent to the findings or determinations which he is required or authorized to make pursuant to this article.

All information reported to or otherwise obtained by the commissioner or his representative pursuant to this subdivision which information contains or relates to a trade secret shall be considered confidential, except that such information may be disclosed to other officers or employees concerned with carrying out this article or when relevant in any proceeding under this article.