IN HB 1273
enactedRequirements for proxy advisors.
Indiana · 2026 Regular Session (2nd Regular Session, 124th General Assembly) · lower
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Quick answers
Did IN HB 1273 pass?
Yes. IN HB 1273 has been enacted into law. Latest recorded action (2026-03-03): Signed by the Governor
What is IN HB 1273 about?
Provides that if a proxy advisor makes a recommendation against entity management on an entity proposal or proxy proposal, or makes a default recommendation or policy concerning votes against entity management on entity proposals or proxy proposals, and the proxy advisor does not do so based on a written financial analysis, the proxy advisor shall do the following: (1) At the time the proxy advisor provides the proxy advisory services, provide a clear and conspicuous disclosure to each interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services, that: (A) identifies the services being provided by the proxy advisor; (B) identifies the recommendation at issue; and (C) states that the proxy advisor has made the recommendation without utilizing a written financial analysis regarding the impact that the recommended action would have on entity interest holders. (2) If the proxy advisor provides certain proxy advisory services, then at the time the proxy advisor provides the proxy advisory services, the proxy advisor must provide to entity management the disclosure provided to each interest holder or any person acting on behalf of an interest holder receiving the proxy advisory services. (3) For the entire time that a proxy advisor is providing proxy advisory services to an interest holder of an entity or any person acting on behalf of an interest holder of an entity, prominently display on the home page of the proxy advisor's website a statement that the proxy advisor has made a recommendation: (A) against entity management on an entity proposal or proxy proposal; and (B) without utilizing a written financial analysis regarding the impact that the recommended action would have on entity interest holders. Provides that if a proxy advisor makes a recommendation against entity management on an entity proposal or proxy proposal, or makes a default recommendation or policy concerning votes against entity management on entity proposals or proxy proposals, and the proxy advisor does so based on a written financial analysis, the proxy advisor shall do the following: (1) At the time the proxy advisor provides the proxy advisory services, provide a clear and conspicuous disclosure to each interest holder or any person acting on behalf of an interest holder, receiving proxy advisory services, that: (A) identifies the services being provided by the proxy advisor; (B) identifies the recommendation at issue; (C) states that the proxy advisor utilized a written financial analysis regarding the impact that the recommended action would have on entity interest holders in making the recommendation; and (D) states that the written financial analysis is available upon request. (2) Make the written financial analysis available to an interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services within a reasonable time after an interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services requests the written financial analysis. (3) If the proxy advisor provides certain proxy advisory services, then at the time the proxy advisor provides the proxy advisory services, the proxy advisor must provide a copy of the written financial analysis to entity management. Amends the definition of "consumer transaction" for purposes of the deceptive consumer sales act to include the provision of a product or service to a state agency or a local agency in Indiana. Amends the definition of "supplier" for purposes of the deceptive consumer sales act to include an entity that provides a product or service to a state agency or a local agency in Indiana. Provides that an action that arises from a consumer transaction involving the provision of a product or service by a supplier to a state agency may be brought and enforced only by the attorney general. Provides that an action that arises from a consumer transaction involving the provision of a product or service by a supplier to a local agency may be brought and enforced only by an attorney acting on behalf of the local agency, unless the local unit of government served by the local agency requests the attorney general to bring and enforce an action on behalf of the local unit. Provides that in an action that arises from a consumer transaction involving the provision of a product or service by a supplier to a state agency or a local agency, a court may take certain actions.
Who sponsors IN HB 1273?
Scott Baldwin, Kyle Pierce are the primary sponsors of IN HB 1273, joined by 2 cosponsors.
Description
Provides that if a proxy advisor makes a recommendation against entity management on an entity proposal or proxy proposal, or makes a default recommendation or policy concerning votes against entity management on entity proposals or proxy proposals, and the proxy advisor does not do so based on a written financial analysis, the proxy advisor shall do the following: (1) At the time the proxy advisor provides the proxy advisory services, provide a clear and conspicuous disclosure to each interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services, that: (A) identifies the services being provided by the proxy advisor; (B) identifies the recommendation at issue; and (C) states that the proxy advisor has made the recommendation without utilizing a written financial analysis regarding the impact that the recommended action would have on entity interest holders. (2) If the proxy advisor provides certain proxy advisory services, then at the time the proxy advisor provides the proxy advisory services, the proxy advisor must provide to entity management the disclosure provided to each interest holder or any person acting on behalf of an interest holder receiving the proxy advisory services. (3) For the entire time that a proxy advisor is providing proxy advisory services to an interest holder of an entity or any person acting on behalf of an interest holder of an entity, prominently display on the home page of the proxy advisor's website a statement that the proxy advisor has made a recommendation: (A) against entity management on an entity proposal or proxy proposal; and (B) without utilizing a written financial analysis regarding the impact that the recommended action would have on entity interest holders. Provides that if a proxy advisor makes a recommendation against entity management on an entity proposal or proxy proposal, or makes a default recommendation or policy concerning votes against entity management on entity proposals or proxy proposals, and the proxy advisor does so based on a written financial analysis, the proxy advisor shall do the following: (1) At the time the proxy advisor provides the proxy advisory services, provide a clear and conspicuous disclosure to each interest holder or any person acting on behalf of an interest holder, receiving proxy advisory services, that: (A) identifies the services being provided by the proxy advisor; (B) identifies the recommendation at issue; (C) states that the proxy advisor utilized a written financial analysis regarding the impact that the recommended action would have on entity interest holders in making the recommendation; and (D) states that the written financial analysis is available upon request. (2) Make the written financial analysis available to an interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services within a reasonable time after an interest holder or any person acting on behalf of an interest holder, receiving the proxy advisory services requests the written financial analysis. (3) If the proxy advisor provides certain proxy advisory services, then at the time the proxy advisor provides the proxy advisory services, the proxy advisor must provide a copy of the written financial analysis to entity management. Amends the definition of "consumer transaction" for purposes of the deceptive consumer sales act to include the provision of a product or service to a state agency or a local agency in Indiana. Amends the definition of "supplier" for purposes of the deceptive consumer sales act to include an entity that provides a product or service to a state agency or a local agency in Indiana. Provides that an action that arises from a consumer transaction involving the provision of a product or service by a supplier to a state agency may be brought and enforced only by the attorney general. Provides that an action that arises from a consumer transaction involving the provision of a product or service by a supplier to a local agency may be brought and enforced only by an attorney acting on behalf of the local agency, unless the local unit of government served by the local agency requests the attorney general to bring and enforce an action on behalf of the local unit. Provides that in an action that arises from a consumer transaction involving the provision of a product or service by a supplier to a state agency or a local agency, a court may take certain actions.
- Introduced
- —
- Latest action
- 2026-03-03 — Signed by the Governor
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Scott Baldwinsponsor
- Kyle Pierceauthor
- Jake Teshkacoauthor
- Mike Andradecoauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-03-03
Signed by the Governor
executive-signature
2026-03-03
Public Law 60
became-law
2026-02-27
Signed by the President of the Senate
passage
2026-02-27
Signed by the President Pro Tempore
passage
2026-02-25
House concurred with Senate amendments; Roll Call 368: yeas 72, nays 20
2026-02-25
Signed by the Speaker
passage
2026-02-24
Dissent rescinded
2026-02-24
Motion to concur filed
filing
2026-02-19
House advisors appointed: Teshka, Lauer, Miller K
2026-02-19
House conferees appointed: Pierce K, Andrade
2026-02-19
Senate conferees appointed: Baldwin, Qaddoura
2026-02-19
Senate advisors appointed: Randolph Lonnie M, Walker K
2026-02-18
Motion to dissent filed
filing
2026-02-18
House dissented from Senate amendments
2026-02-18
Returned to the House with amendments
receipt
2026-02-17
Third reading: passed; Roll Call 186: yeas 41, nays 4
passage,reading-3,reading-3
2026-02-16
Second reading: ordered engrossed
reading-2
2026-02-12
Committee report: amend do pass, adopted
committee-passage
2026-01-26
First reading: referred to Committee on Insurance and Financial Institutions
reading-1,referral-committee
2026-01-21
Referred to the Senate
referral
2026-01-20
Third reading: passed; Roll Call 63: yeas 67, nays 21
passage,reading-3,reading-3
2026-01-20
Senate sponsor: Senator Baldwin
2026-01-15
Second reading: ordered engrossed
reading-2
2026-01-14
Representative Teshka added as coauthor
2026-01-13
Committee report: amend do pass, adopted
committee-passage
2026-01-12
Representative Andrade added as coauthor
2026-01-06
First reading: referred to Committee on Financial Institutions
reading-1,referral-committee
2026-01-06
Authored by Representative Pierce K
Versions
Documents
- application/pdf
- application/pdf
- application/pdf
- application/pdf
- application/pdf(no extracted text yet)
Votes
HB 1273 - Pierce K - 3rd Reading
2026-01-20 · pass · 67-21
Member-level votes (100)
- Abbott: yes
- Engleman: yes
- Ledbetter: yes
- Prescott: yes
- Andrade: yes
- Errington: yes
- Lehman: yes
- Pressel: yes
- Aylesworth: yes
- Goss-Reaves: yes
- Lindauer: yes
- Shonkwiler: yes
- Baird: yes
- Greene: yes
- Lopez: yes
- Slager: yes
- Barrett: yes
- Haggard: yes
- Lucas: yes
- Smaltz: yes
- Bartels: yes
- Hall: yes
- May: yes
- Smith, H: yes
- Bascom: yes
- Heaton: yes
- Mayfield: yes
- Snow: yes
- Behning: yes
- Hostettler: yes
- McGuire: yes
- Soliday: yes
- Borders: yes
- Isa: yes
- McNamara: yes
- Steuerwald: yes
- Carbaugh: yes
- Jackson, C: yes
- Morris: yes
- Sweet: yes
- Cash: yes
- Jeter: yes
- Moseley: yes
- Teshka: yes
- Commons: yes
- Jordan: yes
- Novak: yes
- Thompson: yes
- Criswell: yes
- Judy: yes
- O'Brien: yes
- VanNatter: yes
- Culp: yes
- King: yes
- Olthoff: yes
- Wesco: yes
- Dant Chesser: yes
- Klinker: yes
- Patterson: yes
- Yocum: yes
- Davis: yes
- Lauer: yes
- Payne: yes
- Zimmerman: yes
- DeVon: yes
- Lawson: yes
- Pierce, K: yes
- Bartlett: no
- Genda: no
- Johnson, B: no
- Shackleford: no
- Bauer: no
- GiaQuinta: no
- Miller, K: no
- Smith, V: no
- Burton: no
- Hamilton: no
- Moed: no
- Summers: no
- Clere: no
- Harris: no
- Pierce, M: no
- DeLaney: no
- Hatcher: no
- Porter: no
- Garcia Wilburn: no
- Ireland: no
- Pryor: no
- Campbell: excused
- Heine: excused
- Meltzer: excused
- Pack: excused
- Dvorak: excused
- Manning: excused
- Miller, D: excused
- Rowray: excused
- Gore: not voting
- Karickhoff: not voting
- Pfaff: not voting
- Mr. Speaker: not voting
HB 1273 - Baldwin - 3rd Reading
2026-02-17 · pass · 41-4
Member-level votes (50)
- Alexander: yes
- Carrasco: yes
- Goode: yes
- Rogers: yes
- Alting: yes
- Charbonneau: yes
- Holdman: yes
- Schmitt: yes
- Baldwin: yes
- Clark: yes
- Johnson: yes
- Spencer: yes
- Becker: yes
- Crider: yes
- Koch: yes
- Taylor: yes
- Bohacek: yes
- Deery: yes
- Leising: yes
- Tomes: yes
- Bray: yes
- Dernulc: yes
- Maxwell: yes
- Walker G: yes
- Brown: yes
- Donato: yes
- McKinley: yes
- Walker K: yes
- Buchanan: yes
- Ford J.D.: yes
- Mishler: yes
- Young: yes
- Buck: yes
- Freeman: yes
- Niemeyer: yes
- Busch: yes
- Gaskill: yes
- Niezgodski: yes
- Byrne: yes
- Glick: yes
- Raatz: yes
- Jackson, L: no
- Qaddoura: no
- Randolph: no
- Yoder: no
- Doriot: excused
- Bassler: not voting
- Garten: not voting
- Hunley: not voting
- Pol: not voting
HB 1273 - Pierce K
2026-02-25 · pass · 72-20
Member-level votes (100)
- Abbott: yes
- Errington: yes
- Lawson: yes
- Pierce, K: yes
- Andrade: yes
- Genda: yes
- Ledbetter: yes
- Prescott: yes
- Aylesworth: yes
- GiaQuinta: yes
- Lehman: yes
- Pressel: yes
- Baird: yes
- Goss-Reaves: yes
- Lindauer: yes
- Rowray: yes
- Barrett: yes
- Greene: yes
- Lopez: yes
- Shonkwiler: yes
- Bartels: yes
- Haggard: yes
- Lucas: yes
- Slager: yes
- Bascom: yes
- Hall: yes
- Manning: yes
- Smaltz: yes
- Behning: yes
- Heaton: yes
- Mayfield: yes
- Smith, H: yes
- Borders: yes
- Heine: yes
- McGuire: yes
- Snow: yes
- Carbaugh: yes
- Hostettler: yes
- McNamara: yes
- Soliday: yes
- Cash: yes
- Isa: yes
- Meltzer: yes
- Steuerwald: yes
- Clere: yes
- Jackson, C: yes
- Miller, D: yes
- Sweet: yes
- Criswell: yes
- Jeter: yes
- Morris: yes
- Teshka: yes
- Culp: yes
- Jordan: yes
- Novak: yes
- Thompson: yes
- Dant Chesser: yes
- Judy: yes
- O'Brien: yes
- VanNatter: yes
- Davis: yes
- Karickhoff: yes
- Olthoff: yes
- Wesco: yes
- DeVon: yes
- King: yes
- Patterson: yes
- Yocum: yes
- Engleman: yes
- Lauer: yes
- Pfaff: yes
- Zimmerman: yes
- Bartlett: no
- Garcia Wilburn: no
- Johnson, B: no
- Porter: no
- Bauer: no
- Gore: no
- Klinker: no
- Pryor: no
- Burton: no
- Hamilton: no
- Moseley: no
- Shackleford: no
- Campbell: no
- Harris: no
- Pack: no
- Smith, V: no
- DeLaney: no
- Ireland: no
- Pierce, M: no
- Summers: no
- Commons: excused
- Hatcher: excused
- May: excused
- Dvorak: not voting
- Moed: not voting
- Payne: not voting
- Mr. Speaker: not voting
- Miller, K: not voting
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