The proposed bill amends Arkansas Code Title 16, Chapter 120, Subchapter 8, to introduce a new section titled "Firearms hold agreement - Limitation." This section defines key terms such as "federal firearms licensee," "firearm," and "firearm hold agreement." A firearm hold agreement is described as a transaction where a federal firearms licensee takes possession of an individual's firearm at their request, holds it for a specified period, and returns it according to the agreed terms.

Additionally, the bill provides civil immunity to federal firearms licensees operating lawfully in the state for any acts or omissions related to firearm hold agreements that result in personal injury or death, including the return of the firearm to the owner. However, this immunity does not apply if the act was a result of unlawful conduct by the federal firearms licensee.