The proposed bill, titled the "Online Marketplace Guarantees Act," aims to establish a legal framework for online marketplaces in Arkansas to offer guarantees to consumers. It introduces a new subchapter to the Arkansas Code, detailing the purposes of the act, which include promoting transparency, fairness, and accountability in online marketplace guarantees, as well as encouraging innovation and competition among providers. The bill defines key terms such as "online marketplace," "online marketplace guarantee," and "provider," and outlines the requirements for providers to issue these guarantees, including registration with the Insurance Commissioner and compliance with specific operational standards.

Additionally, the bill clarifies that online marketplace guarantees do not constitute insurance and are not subject to the Arkansas Insurance Code, except as specified within the new subchapter. It mandates that guarantees must be written in clear language, disclose essential information to consumers, and prohibits misleading statements or conditions that would require the purchase of a guarantee to use the marketplace. The Insurance Commissioner is granted authority to enforce the provisions of the act and to create rules for its implementation, ensuring consumer protection and compliance among providers.