Answer to Question 1
The possible release of the species that would endanger the natural species in the area and survival of both species. Extinction of species and spread of disease.
Answer to Question 2
a) If inquiring whether it is legal to keep any exotic species in your area, your local animal control should be a source of advice. They will be able to tell you what local and county regulations are enforced.
A species may be legal, but the owner is required to obtain a special permit. Animal Control may direct you to the state Department of Agriculture, the state veterinarian's office, or your state's Fish and Game governing office for further information. Here you may discover that, while an animal is permitted in your immediate locale, it is against state law to possess it. If the animal is also legal in your particular state, you may be directed to the United States Department of Agriculture (USDA) to obtain a permit.
One further hurdle must be cleared, and that is the requirements a potential owner must meet before a permit is issued. There may be specific regulations regarding caging and housing and a veterinary agreement (that there is a local veterinarian who has agreed to examine, treat and, where required, vaccinate a particular species). Another requirement, depending upon your locale, might be that the potential owner must pass a written examination on the care of a particular species. Many areas also require that neighbors are aware and have no objections to having a particular species in the area.
b) The consequences for the animal are likely be confiscation and euthanasia. The consequences for the owner could be any or all of the following: loss of the animal, monetary fines, and/or incarceration. Laws vary greatly.
c) Laws are enacted for several reasons and often cover specific species. The basis for the laws may be the potential of disease transmission, both zoonotic and to domestic stock, or previous documented events concerning a particular species and the threat to human safety should an animal escape. Irresponsible ownership is also a strong, contributing factor to the inaction of laws that prohibit certain species. There are also laws which seem to have no basis, but are written and enacted, often because there is a general lack of knowledge regarding a specific species. Regardless of personal feelings, compliance with the law is not only required, but reflects your acknowledgment of personal responsibility and regard for the welfare of animals.
d) Laws are enacted for several reasons and often cover specific species. The basis for the laws may be the potential of disease transmission, both zoonotic and to domestic stock, or previous documented events concerning a particular species and the threat to human safety should an animal escape. A responsible ownership is also a strong, contributing factor to the inaction of laws that prohibit certain species. There are also laws which seem to have no basis, but are written and enacted, often because there is a general lack of knowledge regarding a specific species. Regardless of personal feelings, compliance with the law is not only required, but reflects your acknowledgement of personal responsibility and regard for the welfare of animals.