HI SB3044

Tobacco product manufacturers may assign their interest in qualified escrow funds to the State of Hawaii.

Assignments are permanent and irrevocable, covering all current and future deposits, interest, and appreciation in the qualified escrow fund.

Assigned funds shall be deposited into the Hawaii tobacco settlement special fund established under section 328L-2.

Financial institutions may petition circuit court to transfer abandoned qualified escrow funds to the State, with the court authorized to order transfer upon finding abandonment.

The Attorney General may adopt rules to implement the assignment and abandoned fund transfer procedures.