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.

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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