The bill amends the Wyoming Consumer Rental-Purchase Agreement Act to modernize licensing requirements and incorporate digital agreements. It introduces new definitions such as "independent third-party retailer location," "place of business," and "rental-purchase property," which clarify the scope of rental-purchase agreements. The bill allows for digital formats for agreements and notices, contingent upon consumer consent for electronic communications, and enables merchants to display rental-purchase property through various digital means, enhancing consumer accessibility.

Additionally, the bill revises the licensing process for merchants, mandating a single statewide license with fees based on the type of business presence, whether physical or online. It empowers the administrator to conduct examinations and investigations of licensees, ensuring compliance, and includes provisions for refunds of unlawful fees and administrative fines for violations. The bill also establishes that merchants licensed as of July 1, 2024, will be considered licensed statewide, with licenses expiring on December 31, 2024. The state banking commissioner is responsible for promulgating necessary rules for implementation, with the act set to take effect on July 1, 2024.