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 specifies that local governments, defined as political subdivisions such as counties, cities, villages, or townships, cannot enact ordinances or resolutions that would affect the pricing of rent, rental application fees, or rental deposits. This preemption applies to all stakeholders involved, including landlords, property owners, property managers, tenants, prospective tenants, and real estate companies operating in the state.

The bill amends existing Arkansas Code sections to include the terms "rental application fee" and "rental deposit" alongside "rent" in the context of control preemption. It clarifies that while local governments cannot regulate these fees, they still retain the right to manage and control properties in which they have a vested interest. The changes aim to create a uniform standard across the state regarding rental fees, thereby limiting local authority in this area.