The proposed bill aims to establish the offense of "Theft of Equipment Rental Services" in Arkansas law. It introduces a new section, 5-36-127, which defines "equipment rental service" as the commercial provision of equipment for rent or lease. The bill outlines specific actions that constitute theft, including exercising unauthorized control over rented equipment after the lease period has expired or causing damage to the equipment that prevents it from being rented or leased without repair.

The legislation also provides a defense for individuals accused of this offense if they have compensated the lessor for the value of the rental service during the unauthorized period and for any damage caused. Penalties for violations are categorized based on the value of the rental service or damage incurred, ranging from a Class B felony for amounts of $25,000 or more to a Class A misdemeanor for amounts of $1,000 or less. Additionally, the court is mandated to order restitution to the lessor for the value of the rental service and any damages incurred.