New law could free up liquor licenses in Wyoming

A new state law seeks to end the practice by some people purchasing a liquor license and holding onto it while its value appreciates rather than using it to operate a bar, restaurant or liquor store.

Senate File 14 was passed by the Legislature and signed into law by Gov. Matt Mead on Monday.

The Casper Star-Tribune reports that under the old law, license owners could hold onto a permit for up to three years without using it.

The situation has led to liquor licenses selling on the secondary market for up to $300,000 and have presented a high barrier of entry for entrepreneurs looking to open a bar and even for corporate chain restaurants that require a liquor license.

The new law shortens that time to two years.

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Information from: Casper (Wyo.) Star-Tribune, http://www.trib.com