The bill establishes a new chapter in Wyoming law focused on artificial intelligence, specifically addressing the registration of foundation models. A foundation model is defined as a large-scale machine learning model that can be adapted for various tasks, while machine learning is described as a system that develops algorithms without direct human intervention. Under the new provisions, any individual or entity that makes a foundation model publicly available in Wyoming is required to register with the Secretary of State, paying a fee of $100 and providing their name, business address, and, if applicable, the state of incorporation.

Additionally, the Secretary of State is authorized to create necessary forms, rules, and regulations to implement this registration process. The act is set to take effect on July 1, 2024. The bill also includes a staff comment suggesting that the Select Committee consider aspects such as appropriate fees, required information for registration, and the potential expiration of registrations.