HB1462 Summary

• Amends Arkansas Code § 4-88-101(3) to clarify that regulatory actions under the Insurance Commissioner, Securities Commissioner, State Highway Commission, Bank Commissioner, and other state or federal regulatory bodies are exempt from deceptive trade practice law unless a director specifically requests the Attorney General's involvement.

• Repeals the definition of "actual financial loss" in Arkansas Code § 4-88-102(9) and replaces it with "actual damage or injury" as the standard for deceptive trade practice claims.

• Modifies Arkansas Code § 4-88-113(f) to require claimants to prove individually that they suffered actual damages proximately caused by reliance on an unlawful practice, and prohibits private class actions except for violations of Arkansas Constitution, Amendment 89.

• Repeals Arkansas Code § 4-88-116, which previously granted parties the right to a jury trial in deceptive trade practice actions filed or pending on or after August 1, 2017.