| SB 0157 | Requires non-participating tobacco manufacturers to deposit funds into escrow account |
| Sponsor: | Flotron | |||
| LR Number: | S0638.01I | Fiscal Note: | 0638-01 | |
| Committee: | Pensions and General Laws | |||
| Last Action: | 02/16/99 - Voted Do Pass S Pensions & General Laws Committee | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
SB 157 - This act contains the provisions of the Model
Statute, part of the Master Settlement Agreement (MSA) in the
state's litigation against various tobacco manufacturers. The
Model Statute is intended to neutralize any cost disadvantage
that the participating manufacturers experience by requiring
non-participating manufacturers to deposit monies into
an escrow account, based on sales of units in the state. The
funds can be withdrawn either due to judgments on released
claims, overpayment of funds, or after 25 years have expired, in
which case they revert to the manufacturers who deposited the
funds.
JOAN GUMMELS