SB421 SFA Palumbo 2-17 #1

Baker x7816

            Senator Palumbo moved to amend the bill on page three, section twenty-seven, line twenty-eight, by striking out the word “three” and inserting in lieu thereof the word “five”;

            On page four, section twenty-seven, line forty-five, after the words “excess of” by inserting the words “three times the amount of compensatory damages or”;

            On page four, section twenty-seven, line forty-six, after the number “$500,000” by inserting a comma and the words “if compensatory damages are less than one third of $500,000,”;

            On page four, section twenty-seven, line forty-eight, by striking out the words “one third of the amount in excess of $500,000” and inserting in lieu thereof the word “all of the amount in excess of the three times the amount of compensatory damages or $500,000, if compensatory damages are less than one third of $500,000,”;

            On page five, section twenty-seven, line fifty-one, after the word “code” by changing the period to a colon and inserting the following proviso: “Provided, That under no circumstances may the total amount owed by the defendant(s) exceed the limits set forth in subsection (c) of this section.”

            And,

            On page five, section twenty-seven, lines fifty-six through one hundred three, by striking out all of subsections (f) and (g) and inserting in lieu thereof new subsections (f) and (g) to read as follows:

            (f) For civil actions adjudicated in the courts of the state where an award of punitive damages is in excess of the applicable amount set forth in subsection (e) of this section, the defendant(s) shall pay the part of the punitive damages award not in excess of the applicable amount set forth in subsection (e) of this section directly to the plaintiff in accordance with any court order. Any amount awarded in excess of the applicable amount set forth in subsection (e) of this section shall be paid to the circuit clerk of the county in which the civil action was maintained. The circuit clerk shall remit the amount of the excess payment, less one percent which shall be retained by the circuit clerk to cover administrative and other costs associated with the obligations imposed under this section, made by the defendant(s) to the State Treasurer, and a statement showing any deductions made therefrom by the circuit clerk, together with a certified copy of the court order awarding punitive damages.

            (g) For civil actions adjudicated in the courts of the United States of America sitting in the state where an award of punitive damages exceeded the applicable amount set forth in subsection (e) of this section, a party to such action shall file, upon a form prescribed by the Secretary of Tax and Revenue, an informational return stating the amount of punitive damages awarded to a plaintiff, the filing of which will be accompanied by a certified copy of the court order making such award. A copy of this return, together with a copy of the court order, shall also be filed with the circuit clerk of the county of residence of the defendant(s), if a natural person, or the county of the principal place of business, if a domestic entity. The defendant(s) shall pay the part of the punitive damages award not in excess of the applicable amount set forth in subsection (e) of this section directly to the plaintiff in accordance with any court order. Any amount awarded in excess of the applicable amount set forth in subsection (e) of this section shall be paid to the circuit clerk of the county of residence of the defendant(s), if a natural person, or the county of the principal place of business, if a domestic entity. The circuit clerk shall remit the amount of the excess payment, less one percent which shall be retained by the circuit clerk to cover administrative and other costs associated with the obligations imposed under this section, made by the defendant(s) to the State Treasurer, and a statement showing any deductions made therefrom by the circuit clerk, together with a certified copy of the court order awarding punitive damages.;

Adopted

Rejected