The proposed legislation, titled the "Online Marketplace Guarantees Act," aims to establish a legal framework for online marketplaces in Arkansas to offer guarantees to consumers. This new subchapter, added to Arkansas Code Title 23, Chapter 66, outlines 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 act 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 act stipulates that online marketplace guarantees are not classified as insurance and thus are not subject to the Arkansas Insurance Code, except where explicitly stated. It mandates clear consumer protection disclosures, including the terms of the guarantees and any associated costs. The legislation also prohibits misleading statements and requires that guarantees sold for separate consideration must not be a condition for using the marketplace platform. Overall, the act seeks to enhance consumer protection while fostering a competitive environment for online marketplace providers in Arkansas.