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23rd Alaska State Legislature
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Tobacco Master Settlement Agreement
Sectional Analysis for HB 503
Alaska State Legislature
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Attachments Attachments
 
Last Updated:
February 24, 2004
Tom Wright
Finance Committee Aide
465-4859 (Jan-May)
269-0267 (June-Dec)

   

"An Act relating to the tobacco product Master Settlement Agreement; and providing for an effective date."

Section 1:

 

Amends AS 45.53.020(b)(2), Requirements. Language clarifies that a non-participating tobacco manufacturer in the Master Settlement Agreement must deposit money into escrow for every cigarette they sell in the state. Removes a loophole that allowed NPMs to remove escrow payments from individual state accounts. Currently, an NPM is supposed to deposit only a percentage of its cigarette sales into escrow.

Section 2:

 

Repeals and reenacts AS 45.53.020(b), Requirements. Provisional language if a court finds section 1 of this legislation unconstitutional. States that funds placed into escrow may only be released to pay a judgment or settlement on a released claim or after 25 years after the date on which funds were placed into escrow.

Section 3:

 

Repeals and reenacts AS 45.53.020(b), Requirements. Provisional language if a court finds section 1 and/or section 2 of this legislation unconstitutional. Reverts to original language found in current statute, AS 45.53.020(b).

Section 4:

 

Conditional effective date. Section 2 takes effect only if section 1 of this bill is found to be unconstitutional. If section 2 is found to be unconstitutional, then section 3 takes effect.

Section 5:

 

Section 1 effective date of July 1, 2004.

Section 6:

 

Section 2 takes effect on the day after the date of a final order or decision by a court if section 1 is found to be unconstitutional.

Section 7:

 

Section 3 takes effect on the day after the date of a final order or decision by a court if section 2 is found to be unconstitutional.

 
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· Sponsor Statement
· Bill History for HB 503


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