This bill amends the law concerning unclaimed property in Arkansas by providing an exemption for certain nonprofit organizations. Specifically, it introduces a new section, 18-28-232, which defines a "nonprofit organization" as either a corporation governed by specific Arkansas codes or an organization that is exempt from federal taxation under various sections of the Internal Revenue Code. The bill stipulates that this exemption applies only to nonprofit organizations with an annual revenue of less than five million dollars.

The intent of this legislation is to relieve smaller nonprofit organizations from the obligations imposed by the unclaimed property law, thereby allowing them to focus more on their charitable missions without the burden of compliance. This change aims to support the financial sustainability of smaller nonprofits, which play a vital role in their communities.