TOBACCO MANUFACTRRS ESCROW ACT
Synopsis of Bill as introduced:
Creates the Tobacco Product Manufacturer's Escrow Act. Provides
that any tobacco product manufacturer (as defined in the Master
Settlement Agreement entered into by the State of Illinois and
leading tobacco product manufacturers) selling cigarettes to consumers
within the State of Illinois on and after the effective date of this
Act shall become a "participating manufacturer" and perform its
financial obligations under the Master Settlement Agreement or place
certain designated sums into a qualified escrow account to be used
under the Settlement Agreement. The funds in the escrow account shall
be used to pay a judgment or settlement on any released claim brought
against the tobacco product manufacturer by the State or any releasing
party located or residing in the State. Provides for fines for
failure to pay into or maintain the funds in the account which shall
be paid into the Tobacco Settlement Recovery Fund. Effective
SENATE AMENDMENT NO. 1.
Makes changes in terminology, punctuation, and grammar. Provides
that the fines paid by tobacco product manufacturers electing to place
funds into escrow who are found to have violated or knowingly violated
this requirement shall be paid into the General Revenue Fund rather
than the Tobacco Settlement Recovery Fund.
HOUSE AMENDMENT NO. 1.
In provisions defining "qualified escrow fund" as a fund which
prohibits the tobacco product manufacturer placing the funds into
escrow from using, accessing, or directing the use of the funds'
principal except as consistent with 2 other provisions of the Act,
deletes reference to one of the provisions. Makes other changes.
Last action on Bill: PUBLIC ACT.............................. 91-0041
Last action date: 99-06-30
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status