SB 0157 Requires non-participating tobacco manufacturers to deposit funds into escrow account
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:
Effective Date:August 28, 1999
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Current Bill Summary

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 The funds can be withdrawn either due to judgments on released claims, overpayment of funds, or after 25 years have expired, in which case they revert to the manufacturers who deposited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.