Public procurement late payments.

HB 265 increases the interest rate public entities must pay on late payments for goods and services from 1.5% to 5% per month after a 45-day payment deadline. It directly affects contractors and vendors who sell to Wyoming state or local governments by ensuring they receive higher compensation for delayed payments. The bill amends existing statutes to require public entities to pay interest at this new rate on overdue amounts unless a good-faith dispute exists. The law was scheduled to take effect July 1, 2023, but the bill died in committee in February 2023.