Stricken language would be deleted from and underlined language…

       Stricken language would be deleted from and underlined language would be added to the law as it existed
                                   prior to this session of the General Assembly.
                                        Act 285 of the Regular Session
 1   State of Arkansas
 2   86th General Assembly                         A Bill
 3   Regular Session, 2007                                                              SENATE BILL 382
 4
 5   By: Senator Luker
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 7
 8                                      For An Act To Be Entitled
 9                       AN ACT TO AMEND § 26-57-1305 CONCERNING THE
10                       REPORTING OF INFORMATION AND ESCROW INSTALLMENTS
11                       UNDER THE TOBACCO MASTER SETTLEMENT AGREEMENT;
12                       AND FOR OTHER PURPOSES.
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14                                                   Subtitle
15                           TO AMEND § 26-57-1305 CONCERNING THE
16                           REPORTING OF INFORMATION AND ESCROW
17                           INSTALLMENTS UNDER THE TOBACCO MASTER
18                           SETTLEMENT AGREEMENT.
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21   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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23           SECTION 1.       Arkansas Code § 26-57-1305(e), concerning the reporting of
24   information and escrow installments under the tobacco Master Settlement
25   Agreement, is amended to read as follows:
26           (e)    Quarterly Escrow Installments for New Tobacco Product
27   Manufacturers.
28                   (1)(A)     To promote compliance with this subchapter, the Attorney
29   General may require any manufacturer added to the directory after the first
30   publication of the directory on the Attorney General's website to make escrow
31   deposits required by §§ 26-57-260 and 26-57-261 in quarterly installments
32   through the first two (2) years in which the sales covered by the deposits
33   are made.
34                           (B)    Quarterly installments of escrow deposits required
35   under subdivision (e)(1)(A) of this section shall be deposited into a




     *GRH160*                                                                        02-20-2007 08:40 GRH160
                                                                                   SB382



 1   qualified escrow account established to receive escrow deposits required by
 2   §§ 26-57-260 and 26-57-261 not later than twenty (20) calendar days after the
 3   end of the quarter in which the sales were made.
 4              (2)   The Attorney General may require production of information
 5   sufficient to enable the Attorney General to determine the adequacy of the
 6   amount of each installment deposit.
 7              (3)   The failure of any tobacco product manufacturer to make a
 8   quarterly installment of an escrow deposit required by the Attorney General
 9   under subdivision (e)(1) of this section shall subject the tobacco product
10   manufacturer to any penalty and other remedy provided under §§ 26-57-261 and
11   26-57-1303 for failure to place funds in escrow.
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13                               APPROVED:     3/16/2007
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