Wikipedia has a good description of the history of the red yeast rice legal issue. Basically any red yeast product which contains lovastatin (monacolin) violates a compny patient and can not be sold in the USA.
"The Food and Drug Administration (FDA) position is that red yeast rice products that contain monacolin K, i.e., lovastatin, are identical to a drug and, thus, subject to regulation as a drug. In 1998, the FDA initiated action to ban a product (Cholestin) containing red yeast rice extract. The U.S. District Court in Utah allowed the product to be sold without restriction. This decision was reversed on appeal to the U.S. Court of Appeals. (Moore, 2001) (see Further Reading: PDRhealth). Thereafter, the FDA sent Warning Letters to companies selling red yeast rice. The product disappeared from the market for a few years.
In 2003, red yeast rice products began to reappear in the U.S. market. In 2007, the FDA sent Warning Letters to two dietary supplement companies. One was making a monacolin content claim about its RYR product and the other was not, but the FDA noted that both products contained monacolins. Both products were withdrawn.[8][9] The FDA also issued a warning press release (see Further Reading; FDA 2007). The crux of the release was that consumers should "…not buy or eat red yeast rice products…may contain an unauthorized drug that could be harmful to health." The rationale for "…harmful to health…" was that consumers might not understand that the dangers of monacolin-containing red yeast rice might be the same as those of prescription statin drugs.
As of 2010, there are at least 30 brands available. Many of these avoid the FDA restriction by not having any appreciable monacolin content. Their labels and websites say no more than "fermented according to traditional Asian methods" or "similar to that used in culinary applications." The labeling on these products often says nothing about cholesterol. If they do not contain lovastatin, do not claim to contain lovastatin, and do not make a claim to lower cholesterol, they are not subject to FDA action. Two reviews confirm that the monacolin content of red yeast rice dietary supplements can vary over a wide range, with some containing negligible monacolins.[10][11]"