The proposed bill aims to regulate contracts by mandating specific provisions and clarifying jurisdiction for certain contracts in Arkansas. It introduces a new section to the Arkansas Code, specifically 4-56-108, which outlines jurisdiction and venue requirements for contracts involving Arkansas residents.

Under this new provision, if an Arkansas resident enters into a contract to purchase or finance real or personal property valued at $100,000 or less, Arkansas law will govern the transaction. Additionally, any litigation related to such contracts will fall under the jurisdiction of the state of Arkansas, regardless of any contrary contractual provisions. This change is intended to provide clarity and protection for residents engaging in smaller-scale transactions.