The proposed bill, titled "An Act to Preserve State Territorial Sovereignty," establishes regulations regarding the sale or transfer of real property to the federal government in Wyoming. It prohibits individuals from selling or transferring real property to the federal government without first obtaining consent from the Wyoming legislature. To acquire this consent, individuals must submit a notice of intent and evidence that the federal government is acquiring the property under a constitutional power, which may include eminent domain. If an individual fails to submit the required information before entering a legally binding agreement, they will incur a civil penalty equal to the net proceeds from the sale or transfer.

Additionally, the bill outlines the process for the legislature and the management council to approve or reject notices of intent to sell or transfer real property. The legislature or management council must act within ten days of receiving the notice, or it will be deemed rejected. The bill mandates the adoption of necessary rules and policies for implementation and specifies that it will apply to notices of intent entered into on or after July 1, 2025, with an effective date of the same.