This bill aims to restrict local governmental units in Arkansas from regulating or controlling the amounts charged for rental application fees and rental deposits for both private residential and commercial properties. The proposed legal language amends existing statutes to clarify that local governments, defined as political subdivisions such as counties, cities, villages, or townships, do not have the authority to enact ordinances or resolutions that would affect the pricing of rent, rental application fees, or rental deposits.

The bill specifies that this preemption applies to all stakeholders involved in the rental process, including landlords, property owners, property managers, tenants, prospective tenants, and real estate companies operating in Arkansas. However, it maintains that local governmental units retain the right to manage and control residential properties in which they have a property interest. The amendments to the Arkansas Code reflect these changes, ensuring that local regulations cannot interfere with the pricing structures set by property owners and managers.