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CASPER, Wyo. (AP) — 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 (http://bit.ly/2mj69Ij ) 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
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