The bill amends the Arkansas Code concerning statutory foreclosures by introducing a new section that allows a mortgagor to recover reasonable attorney's fees under specific circumstances. According to the new provision, a mortgagor can seek these fees if a court sets aside a statutory foreclosure sale due to the mortgagee's failure to comply with relevant legal provisions. However, the bill outlines several conditions under which a mortgagor would not be entitled to recover these fees, including situations where the mortgagor and mortgagee reach a mutual resolution, the mortgagor files for bankruptcy during the foreclosure process, or if the mortgagee acted in good faith based on title insurance or was unaware of certain debts or liens.

The new legal language added to the Arkansas Code includes the specific criteria for fee recovery and the exceptions that would prevent such recovery. This amendment aims to clarify the rights of mortgagors in foreclosure situations and ensure that they have a means to recover legal costs when appropriate, while also protecting mortgagees who act in good faith.