I read it the first day. By all appearances, it's not strictly enforced. I just sent this to Riot Support and you can flame if you like, but it's the sad truth.
I'm apalled by the fact that Riot allows account/display names like "N***er Slayer" to be used on its servers. A simple language filter for names is all you need. Your continued negligence is not acceptable. Players are continually spouting off racist remarks in games and are ruining this experience for myself and others I play LoL with.
I just played a game with a person that started off with racist remarks in the Champion Selection screen that were aimed toward African-American individuals. I see people like him more often than I should.
I know racist, ignorant, and otherwise bigoted people will be around no matter what, but Riot should take a harder stance toward these people and institute an active filter that warns people for using these comments in real time. If they continue, they get banned. It's as simple as that.
Edit: Note I didn't dodge because it happened right before the time ran out.