The bill amends various sections of Wyoming law concerning the administrative dissolution and revocation of certificates of authority for corporations, limited liability companies, and statutory foundations. It introduces new grounds for administrative dissolution and revocation, specifically targeting entities that have board members convicted of or found civilly liable for fraud against another person under U.S. or state laws. The new legal language specifies that a corporation, limited liability company, or statutory foundation may be administratively dissolved or have its certificate of authority revoked if it meets certain criteria, including ownership or control by a foreign adversary as defined by federal regulations.

Additionally, the bill removes previous language that allowed for dissolution or revocation based on providing false or fraudulent information to registered agents, thereby streamlining the grounds for such actions. The effective date for this act is set for July 1, 2026. Overall, the bill aims to enhance the regulatory framework governing corporate entities in Wyoming by addressing concerns related to foreign influence and fraudulent activities.