To repeal section 435.465, RSMo Supp. 1996, relating to requirements for arbitration agreements, and to enact in lieu thereof one new section relating to the same subject.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF MISSOURI, AS FOLLOWS:

     Section A. Section 435.465, RSMo Supp. 1996, is repealed and one new section enacted in lieu thereof, to be known as section 435.465, to read as follows:

     435.465. 1. Sections 435.350 to 435.470 shall apply only to written agreements between commercial persons, or between such persons and those with whom they contract other than commercial persons, involving the submission of any existing controversy to arbitration, or involving a written contract between commercial persons, or between such persons and those with whom they contract other than commercial persons, to submit to arbitration any controversy thereafter arising between such parties. [For all such agreements, the amount in controversy must be greater than the maximum amount in controversy that is allowed in small claims court actions pursuant to section 482.305, RSMo.] Such agreements and provisions are valid, enforceable and irrevocable, save upon such grounds as exist at law or in equity for the revocation of any contract.

     2. As used in subsection 1 of this section, the term "commercial persons" shall mean all persons and legal entities, excluding any government or governmental subdivision or agency.