The inexpensive, Chinese radios being discussed in this thread are generally approved for amateur radio. Many of them, though, don't have built-in limits as to what frequencies you can transmit on. Therefore, it's possible to use one of these radios to transmit outside the amateur radio bands. That's illegal. If you cause interference to another radio service, you could be fined by the FCC. Is the the FCC likely to catch up with you if you transmit out of band? Probably not, but the risk is there.
On the version 3 this may only be possible if you hack the programming software and put in those "illegal" frequencies since there is no way to punch in feq and when you spin the dial it does stop within the feq. band.