The bill amends Arkansas law regarding the oversight of wastewater and sewer collection and treatment providers by introducing a new subchapter titled "Oversight of Wastewater and Sewer Retail Providers." It establishes a framework for the Arkansas Natural Resources Commission and the Division of Environmental Quality to oversee these providers, ensuring they maintain adequate rates to support capital improvements and operational needs. The bill mandates that providers conduct rate studies at specified intervals based on the number of customers served, and it outlines the requirements for these studies, including the need for providers in fiscal distress to submit improvement plans.

Additionally, the bill emphasizes the importance of training for the governing bodies of these providers, requiring board members to complete a minimum of eight hours of training within a year of their election or appointment. It also stipulates that providers must maintain a refurbishment and replacement account funded by a percentage of their gross revenues. The Arkansas Natural Resources Commission is tasked with developing rules to implement these provisions, which aim to enhance the financial and operational stability of wastewater and sewer systems across the state.