The bill amends the existing law regarding bonds or acceptable financial security under the Customer Protections for Net-Metering Customers Act, as established by Acts 2023, No. 278. It replaces the previous requirement for a bond or other financial security to ensure the proper maintenance and decommissioning of net-metering facilities with a new stipulation that mandates a single bond of ten thousand dollars ($10,000) obtained under Arkansas Code 17-25-404. Additionally, the bill introduces requirements for commercial general liability insurance coverage with a minimum limit of one million dollars ($1,000,000) and necessitates that contractors possess an applicable contractor's license issued by the Contractors Licensing Board before conducting business.

Furthermore, the bill includes an emergency clause, stating that any delay in its enactment could lead to unreasonable disruptions in residential and commercial construction projects, as well as hinder consumers' ability to benefit from solar investments. The emergency declaration emphasizes the immediate necessity of the act for the protection of Arkansas businesses and consumers, allowing it to take effect upon approval by the Governor or under specified conditions if not vetoed.

Statutes affected:
SB 483: 4-88-1103(3)
Act 476: 4-88-1103(3)