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 under Arkansas Code Title 23, Chapter 66, which outlines the purposes of the act, including promoting transparency, fairness, and accountability in online marketplace guarantees, as well as encouraging competition among providers. The bill defines key terms such as "online marketplace," "online marketplace guarantee," and "provider," and sets forth requirements for providers to issue these guarantees, including registration with the Insurance Commissioner and compliance with specific operational standards.

Additionally, the bill stipulates that online marketplace guarantees are not classified as insurance and thus do not need to adhere to the Arkansas Insurance Code, except where explicitly stated. It mandates clear consumer protection disclosures regarding the guarantees, including the obligations of providers and the terms of service. The act also prohibits misleading statements in the marketing of these guarantees and ensures that consumers are not required to purchase guarantees as a condition for using the marketplace platform. Overall, the legislation seeks to enhance consumer protection while fostering innovation and competition in the online marketplace sector.