(1) This subchapter applies to a restaurant franchise operated in whole or in part in Arkansas and to the parties to the restaurant franchise.
(2) This subchapter may not be waived, and its application to a restaurant franchise or a party to a restaurant franchise may not be avoided, in whole or in part by agreement or by conduct, except as part of a settlement of a bona fide dispute.
(3) Neither a franchisee nor a franchisor shall be deprived of the application and benefits of this subchapter by a provision of a franchise purporting to designate the law of another jurisdiction as governing or interpreting the franchise, or to designate a venue outside of Arkansas for the resolution of disputes.
(4) To the extent permitted by the Constitution of the United States and the Constitution of the State of Arkansas, this subchapter is intended to apply to franchises granted, transferred, renewed, amended, replaced, or in existence on and after August 13, 1993.