Radio Deregulation Act of 1981

Radio Deregulation Act of 1981 - Amends the Communications Act of 1934 to make licenses for the operation of a radio broadcasting station valid for an indefinite period of time. Permits any party in interest to petition the Federal Communications Commission for a revocation of such license. Requires such petition to contain specific allegations of fact to establish a prima facie case that the licensee has violated specific provisions of such Act or an order of the Commission. Requires the Commission to hold a hearing if a substantial and material question of fact is presented.

Permits the Commission to grant an application for a license for a frequency in the radio broadcast service on a system of random selection. Requires the Commission to establish procedures for such selection within a specified period.

Prohibits the Commission from requiring radio broadcast station licensees to provide specific types of programming or restricting the length or frequency of commercials. Requires the Commission to report to Congress annually on its progress in reviewing regulations applicable to radio broadcasting. Requires the Commission within three years to report to Congress on the impact of deregulation on radio programming.