The bill establishes a new section in Wyoming law regarding "firearm hold agreements," which are defined as agreements where a firearm owner entrusts their firearm to another person for a specified period. Under this new provision, individuals who return a firearm to its owner at the end of such an agreement will not face liability, meaning no legal action can be taken against them for doing so. However, this immunity does not extend to situations where the return of the firearm results from a breach of contract or unlawful conduct by the person holding the firearm.

Additionally, the bill specifies that it does not apply to firearms regulated under the National Firearms Act, including machine guns, rifles, and shotguns. The provisions of this act will be applicable to all firearm hold agreements entered into on or after July 1, 2025, and the act itself will take effect on that same date.