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 insertion of a provision that clarifies that arbitration agreements governed by 9 U.S.C. 1 through 16 are exempt from the chapter's provisions. Additionally, the time frame for a party to apply for a stay of arbitration has been extended from twenty (20) days to one hundred-eighty (180) days.

The bill establishes that any provision of an agreement that discriminates against or penalizes a party for seeking legal representation in arbitration is null and void, ensuring that all parties have the right to legal counsel.

Furthermore, the bill introduces new requirements for arbitration providers regarding the payment of fees and costs. If the 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 default, they will be in material breach of the arbitration agreement.

The legislation aims to create a more equitable arbitration process and is set to take effect on January 1, 2027.