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IndianaHB 1273Second Regular Session 124th General Assembly (2026)HouseWALLET

Requirements for proxy advisors.

Sponsored By: Kyle Pierce (Republican)

Signed by Governor

financial institutionsthe senateinsurance and financial institutions

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

New disclosure rules for proxy advisors

Beginning July 1, 2026, proxy advisors that recommend voting against management must make clear disclosures. If they did not use a written financial analysis, they must tell each interest holder and management when they provide services, and post a prominent notice on their website while serving that interest holder. If they used a written financial analysis, they must say so, describe it, and provide the analysis to any requesting interest holder in a reasonable time. They must also give the analysis to management when they provide advice or research.

Proxy advice violations count as deceptive acts

Starting July 1, 2026, violating the proxy‑advisor law is a deceptive act under Indiana’s Deceptive Consumer Sales Act. An interested person—such as a recipient of proxy advice, the affected entity, or its interest holders—may sue for a court order or injunction. The filer must notify the attorney general in writing within seven days after filing, and the attorney general may join the case. These cases can use the consumer‑protection remedies and penalties.

Exemptions for banks and small charities

Beginning July 1, 2026, FDIC‑insured banks, their affiliates, and employees are not treated as proxy advisors when they give proxy advice due to a fiduciary duty. A 501(c)(3) charity is also not covered if its proxy‑advisory revenue is under $500,000, and any affiliated group’s combined proxy‑advisory revenue is also under $500,000. These carve‑outs limit who must follow the proxy‑advisor rules.

Sponsors & Cosponsors

Sponsor

  • Kyle Pierce

    Republican • House

Cosponsors

  • Jake Teshka

    Republican • House

  • Mike Andrade

    Democratic • House

  • Scott Baldwin

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 180 • No: 45

House vote • 2/25/2026

Roll Call 368 on HB1273.03.COMS.CON01

Yes: 72 • No: 20 • Other: 4

Senate vote • 2/17/2026

Roll Call 186 on HB1273.03.COMS

Yes: 41 • No: 4 • Other: 4

House vote • 1/20/2026

Roll Call 63 on HB1273.02.COMH

Yes: 67 • No: 21 • Other: 3

Actions Timeline

  1. Signed by the Governor

    3/3/2026House

  2. Public Law 60

    3/3/2026House

  3. Signed by the President Pro Tempore

    2/27/2026Senate

  4. Signed by the President of the Senate

    2/27/2026Senate

  5. Signed by the Speaker

    2/25/2026House

  6. House concurred with Senate amendments; Roll Call 368: yeas 72, nays 20

    2/25/2026House

  7. Dissent rescinded

    2/24/2026House

  8. Motion to concur filed

    2/24/2026House

  9. Senate conferees appointed: Baldwin, Qaddoura

    2/19/2026Senate

  10. Senate advisors appointed: Randolph Lonnie M, Walker K

    2/19/2026Senate

  11. House advisors appointed: Teshka, Lauer, Miller K

    2/19/2026House

  12. House conferees appointed: Pierce K, Andrade

    2/19/2026House

  13. House dissented from Senate amendments

    2/18/2026House

  14. Motion to dissent filed

    2/18/2026House

  15. Returned to the House with amendments

    2/18/2026Senate

  16. Third reading: passed; Roll Call 186: yeas 41, nays 4

    2/17/2026Senate

  17. Second reading: ordered engrossed

    2/16/2026Senate

  18. Committee report: amend do pass, adopted

    2/12/2026Senate

  19. First reading: referred to Committee on Insurance and Financial Institutions

    1/26/2026Senate

  20. Referred to the Senate

    1/21/2026House

  21. Senate sponsor: Senator Baldwin

    1/20/2026House

  22. Third reading: passed; Roll Call 63: yeas 67, nays 21

    1/20/2026House

  23. Second reading: ordered engrossed

    1/15/2026House

  24. Representative Teshka added as coauthor

    1/14/2026House

  25. Committee report: amend do pass, adopted

    1/13/2026House

Bill Text

  • Enrolled House Bill (H)

    PDF

  • House Bill (H)

    PDF

  • House Bill (S)

    PDF

  • Introduced House Bill (H)

    PDF

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