It's mainly a "Anyone keeping one of the big 5 or a crocadillian has to keep it responsibly, and have a secure cage that locks." Oh.. and similar for venomous.
It's remarkably similar to the NRIP(PIJAC's voluntary proposed program) wording about responsible keeping, that people were screaming that PIJAC was trying to force onto people. Now suddenly it turns out that USARK has pushed THIS through as a law, and it's' basically the same thing. It's a law that says you have to be a responsible keeper, and have secure enclosures. If your snake gets loose or harms someone, or you act like a moron with the snake, they can arrest/charge you for being a idiot.
That's the short short editted by me version anyway. It sounds like a good law, that might head off a restrictive law, by being in place first. As in.. now someone wanting to push a restrictive law is going to get pointed at this law and told "We have legislation in place already".
I hope it works, and makes more responsible keepers, and less impulse buyers.