The bill amends existing laws related to public property and payment processes for public entities in Wyoming. It increases the interest rate on late payments for goods and services from a nongovernmental entity from one and one-half percent (1.5%) to five percent (5%) per month. Additionally, it establishes that public entities must pay general contractors within one business day after a specified notice, or else they will incur interest at the new rate until the payment is made in full. The bill also clarifies that interest will accrue on unpaid partial payments due to contractors as specified in the contract.

Furthermore, the bill modifies the language regarding the timing of payments and the conditions under which interest accrues, ensuring that public entities are held accountable for timely payments. The effective date for these changes is set for July 1, 2023.

Statutes affected:
Introduced: 16-6-116, 16-6-602, 16-6-702