The bill establishes the Wyoming airline pilot loan repayment program, which is designed to provide financial assistance to students pursuing aviation-related degrees and commercial pilot certificates at Wyoming community colleges. To qualify for the program, applicants must be Wyoming residents or graduates of Wyoming high schools, enrolled in good standing in an aviation program, and intend to obtain an airline transport pilot certification. The program allows for loans to cover tuition and related costs, with repayment options that include earning the certification and working in commercial aviation within Wyoming for three years. If recipients do not meet specific conditions, such as completing their program or obtaining employment in the field, they will be required to repay the loan.

The bill also includes provisions for the Wyoming community college commission to forgive loans in cases of undue hardship and mandates annual reporting on the program's outcomes. An appropriation of $1.5 million from the general fund is allocated for the program, which will be available from July 1, 2023, to June 30, 2026. The commission is tasked with establishing the terms and conditions for the loans, including interest rates and criteria for loan forgiveness. The act is set to take effect on July 1, 2023, with certain sections becoming effective immediately upon the bill's passage.