Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2715, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to limit the amount of a supersedeas bond that a court may require a Tobacco Master Settlement Agreement signatory, successor, or affiliate to post to obtain a stay of execution of judgment pending appeal.

Altria (formerly known as Philip Morris) testified in support of this bill. The Attorney General (AG) and Coalition for a Tobacco Free Hawaii opposed this measure.

Your Committee notes that the bond limit proposed in this measure is currently $100,000,000. However, the AG recommended raising the limit to $150,000,000 if the Legislature is inclined to pass this measure. Your Committee believes this issue warrants further discussion.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2715, H.D. 1, and recommends that it pass Third Reading.