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 ensures that residents are protected under local law when engaging in smaller transactions.

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. This legislation aims to provide clarity and protection for Arkansas residents in their contractual dealings, particularly in smaller transactions involving property.