The proposed bill aims to establish a new offense known as "Theft of Equipment Rental Services" under Arkansas law. It defines "equipment rental service" as the commercial provision of equipment for rent or lease and outlines specific actions that constitute the offense. A person can be charged with this crime if they knowingly exercise unauthorized control over rented equipment after the lease period has expired or cause damage to the equipment that prevents it from being rented without repair.

The bill categorizes the severity of the offense 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, it includes provisions for restitution, requiring convicted individuals to compensate the lessor or renter for the value of the rental service and any damage to the equipment. This legislation seeks to protect the interests of equipment rental businesses and ensure accountability for those who misuse rental services.