This 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. The bill clarifies that this provision applies to personal property only if it is used as a dwelling unit in Arkansas and defines "resident" as an individual, excluding corporate entities.

The legislation aims to provide clarity and protection for Arkansas residents engaging in smaller-scale property transactions, ensuring that they are subject to local laws and jurisdiction. This change is intended to enhance consumer rights and streamline legal processes for residents involved in such contracts.