The bill amends the Uniform Commercial Code in Wyoming to clarify the rules regarding the applicability of the code for investment securities and to revise priority rules for securities intermediaries. Key changes include the replacement of the term "local" with "state" in several sections, specifically in W.S. 34.1-8-110(b), 34.1-9-305(a)(iii), and the removal of references to the securities intermediary's jurisdiction. Additionally, the bill emphasizes that interests in financial assets held by a securities intermediary are not considered property of the intermediary and are not subject to claims from the intermediary's creditors, except as specified in W.S. 34.1-8-511.

Furthermore, the bill repeals certain subsections related to the priority rules and applicability rules for securities intermediaries, specifically W.S. 34.1-8-110(e) and (f) and 34.1-8-511(b) and (c). The changes aim to streamline the legal framework governing securities and enhance clarity regarding the rights of entitlement holders versus creditors. The act is set to take effect on July 1, 2025.