The bill amends Arkansas Code Title 4, Chapter 56, Subchapter 1, by adding a new section, 4-56-108, which establishes jurisdiction and venue requirements for certain contracts. Specifically, it stipulates that if an Arkansas resident enters into a contract to purchase or finance real or personal property in the state for an amount of $100,000 or less, Arkansas law will govern the transaction, and any related litigation will fall under the jurisdiction of Arkansas. This provision is designed to protect residents by ensuring that local laws apply to their contracts.

Additionally, the bill clarifies that the jurisdictional provisions apply to personal property only if it is used as a dwelling unit in Arkansas. It also defines "resident" as an individual, explicitly excluding corporate entities from this classification. These changes aim to enhance consumer protection and clarify legal processes for residents engaging in smaller-scale property transactions within the state.