The bill amends the law concerning unclaimed property in Arkansas by introducing a new section that exempts certain nonprofit organizations from the existing regulations related to unclaimed property. Specifically, it 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. This definition is intended to clarify which entities qualify for the exemption.

Additionally, the bill stipulates that the provisions of this subchapter do not apply to nonprofit organizations with an annual revenue of less than five million dollars. This exemption aims to alleviate the regulatory burden on smaller nonprofits, allowing them to focus on their charitable missions without the complexities associated with unclaimed property laws.