91st General Assembly
Summary of SB1183
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Short description: 
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

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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