Meth Lab Eradication Act

Meth Lab Eradication Act - Amends the Controlled Substances Act to transfer ephedrine, pseudoephedrine, and phenylpropanolamine to schedule V. Excepts pseudoephedrine contained in a product that: (1) is in the form of a liquid, liquid capsule, or liquid-filled gel capsule; (2) does not contain more than 360 milligrams of pseudoephedrine; and (3) is approved under the Federal Food, Drug, and Cosmetic Act.

Revises the definition of "regulated transaction" to exclude specified transactions involving drugs or products that the Attorney General determines are being diverted for illicit purposes. Repeals a provision requiring the Attorney General to reinstate an exemption with respect to a particular ephedrine, pseudoephedrine, or phenylpropanolamine drug product upon determining that the product is manufactured and distributed in a manner that prevents diversion.

Places restrictions on the sale of list I pseudoephedrine products and schedule V methamphetamine-related products. Requires a person selling list I products to: (1) place the products where the customers do not have direct access to them; (2) maintain a sales logbook that identifies the products, purchasers, dates, and times of sales; (3) not sell such products to persons under age 18; and (4) post on the premises a clear and conspicuous notice stating that federal law prohibits the over-the-counter purchase of more than one product containing pseudoephedrine in a 24-hour period or of more than 7,500 milligrams of pseudoephedrine within a 30-day period.

Sets penalties for violations of this Act.

Amends the Controlled Substances Import and Export Act to prohibit (with exceptions) the importation of ephedrine, pseudoephedrine, and phenylpropanolamine.