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HI HB2076
Bill
Status
3/4/2022
Primary Sponsor
Scott Saiki
Click for details
AI Summary
HB 2076 Summary
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Allows tobacco product manufacturers to permanently and irrevocably assign their interest in qualified escrow funds to the State of Hawaii.
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Assignment applies to all moneys in the qualified escrow fund, including deposits made before and after the assignment, plus any accrued interest or appreciation.
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Assigned funds must be deposited into the Hawaii tobacco settlement special fund established under section 328L-2.
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Permits financial institutions holding abandoned qualified escrow funds to petition circuit court for authorization to transfer those funds to the State, with the attorney general to be served notice.
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Does not waive the State's right to bring claims against tobacco manufacturers, but assigned funds are credited dollar-for-dollar against any judgment or settlement.
Legislative Description
Relating To Tobacco Manufacturer Qualified Escrow Funds.
Assignment
Last Action
Postponed Indefinitely with 47 Ayes Representative(s) Aquino, Belatti, Branco, Clark, Costales, Eli, Ganaden, Gates, Har, Hashem, Hashimoto, Ichiyama, Ilagan, Johanson, Kapela, Kitagawa, B. Kobayashi, D. Kobayashi, Kong, LoPresti, Lowen, Luke, Matayoshi, Matsumoto, McDermott, McKelvey, Mizuno, Morikawa, Nakamura, Nakashima, Nishimoto, Okimoto, Onishi, Perruso, Quinlan, Saiki, Sayama, Takayama, Takumi, Tam, Tarnas, Todd, Ward, Wildberger, Woodson, Yamane, Yamashita; 0 Noes none; and 4 Excused Representative(s) Holt, Marten, Ohno, Tokioka.
4/22/2022