SB600

Senate Bill 600 establishes specific jurisdictional and venue requirements for certain contracts involving Arkansas residents. The bill applies to contracts for the purchase or financing of real property or personal property used as a dwelling unit within Arkansas, provided the transaction amount is $100,000 or less. Under the provisions of the bill, Arkansas law must govern these transactions, regardless of any conflicting contractual terms. Furthermore, any litigation arising from these contracts must be held within the jurisdiction of Arkansas. This law specifically defines "resident" as an individual and excludes corporate entities from its protections.