Loading chat...

AR HB1683

Bill

Status

Passed

4/26/2021

Primary Sponsor

Lee Johnson

Click for details

Origin

House of Representatives

93rd General Assembly (2021 Regular)

AI Summary

  • Requires nonparticipating tobacco manufacturers to post a bond with the Attorney General as a condition of listing brand families in the state directory, with the bond amount equal to the greater of the highest required escrow amount from the previous 12 quarters or $50,000.

  • Makes it unlawful to submit false or inaccurate certifications to the Attorney General, with penalties up to $10,000 in civil fines.

  • Extends the deadline for manufacturers to deposit quarterly escrow installments from 20 to 30 calendar days after the end of each quarter.

  • Allows the state to execute on posted bonds to recover unpaid escrow obligations and establishes procedures for executing bonds after obtaining judgments against manufacturers.

  • Creates a new provision permitting tobacco manufacturers to make irrevocable assignments of their escrow funds to the state, with assigned funds credited dollar-for-dollar against any future judgments or settlements under the Master Settlement Agreement.

Legislative Description

To Amend The Arkansas Code Regarding Procedural Enhancements To Enforcement Mechanisms Of The Master Settlement Agreement Concerning The Arkansas Tobacco Products Tax Act Of 1977.

Last Action

Notification that HB1683 is now Act 929

4/26/2021

Committee Referrals

City, County & Local Affairs3/22/2021

Full Bill Text

No bill text available