AR SB342

Establishes the "Arkansas Statutory Thresholds for Settlement Agreements Involving Minors Act" as Arkansas Code Title 16, Chapter 131 to create standards and procedures for settling claims involving minors.

Allows a minor's guardian to settle claims up to $25,000 (excluding medical expenses, liens, attorney's fees, and costs) without requiring a conservator or guardian ad litem appointment, provided the guardian completes an affidavit attesting to reasonable inquiry and full compensation.

Requires settlement funds to be deposited into federally insured savings accounts in the minor's sole name, purchased as annuities, or for state custody minors, deposited into trust accounts established by the Department of Human Services; funds cannot be withdrawn until the minor turns 18, is emancipated, or dies.

Makes guardian signatures binding on minors without further court approval or review when settlements comply with the Act's requirements.

Provides liability protections for guardians and settling parties acting in good faith under the Act, preventing liability to minors for settlement amounts or related claims.