Both chambers of the Arkansas legislature recently passed Senate Bill 5 which affirms the legality of jury-trial waivers written into lending contracts. The bill originally targeted all contracts but was narrowed to only apply to lending contracts.
According to Rep. Bob Ballinger, R-Hindsville a supporter of the bill,
"When we first filed [the bill] it was a lot bigger and broader," Ballinger said. "What this bill did is specifically say that you can waive a jury trial. ... It gives some sort of stability to the individuals, in this case, only the lenders."
The bill now awaits signing by the governor.