| SB 0417 | Requires non-participating tobacco manufacturers to deposit funds into escrow account |
| Sponsor: | Quick | |||
| LR Number: | S0860.03I | Fiscal Note: | 0860-03 | |
| Committee: | Pensions and General Laws | |||
| Last Action: | 05/14/99 - S Inf Calendar S Bills for Perfection | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
SB 417 - This act is intended to neutralize any cost
disadvantage that the participating tobacco manufacturers
experience by requiring non-participating manufacturers to
deposit moneys into an escrow account, based on sales of units in
the state. Participating manufacturers are those who have agreed
to the Master Settlement Agreement with 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be withdrawn either due to judgments on released claims,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