This bill amends several sections of the General Laws in Chapter 10-3, titled "Arbitration," to enhance the rights of parties involved in arbitration agreements. Key changes include the extension of the time frame for a party to apply for a stay of arbitration from twenty (20) days to one hundred-eighty (180) days. Additionally, the bill specifies that arbitration agreements governed by 9 U.S.C. 1 through 16 are exempt from the provisions of this chapter.

The bill introduces a requirement for parties to be informed of their rights regarding legal representation, stating that any provision of an agreement that discriminates against or penalizes a party for seeking legal representation in arbitration is null and void.

Furthermore, the bill establishes new procedures for handling defaults in arbitration payments. If a drafting party fails to pay required fees within thirty (30) days, they will be considered in default, and the arbitration provider must send notice of default to the drafting party. If the drafting party fails to cure the default within fifteen (15) days after notice or to file an action in court or a motion in arbitration to challenge the arbitration filings or notice of default, the drafting party will be in material breach of the arbitration agreement.

The act is set to take effect on January 1, 2027.