# Indiana HB 1273: Requirements for proxy advisors.

Indiana HB 1273, Requirements for proxy advisors., is a Second Regular Session 124th General Assembly (2026) House bill sponsored by Kyle Pierce (Republican); status signed, last action 2026-03-03 (Signed by the Governor) (as of 2026-11-01).

- Canonical: https://policyrisk.com/state-bill/IN-HB1273-2026
- As of: 2026-11-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Indiana HB 1273
- State: Indiana
- Session: Second Regular Session 124th General Assembly (2026)
- Title: Requirements for proxy advisors.
- Status: signed
- Chamber: House
- Introduced: 2026-01-06
- Last action: 2026-03-03, Signed by the Governor
- Sponsor: Kyle Pierce (Republican)
- Cosponsors: 3
- Subjects: financial institutions, the senate, insurance and financial institutions
- Touches household money: no
- Roll calls: 3 (180 yes, 45 no in all)
- Economic provisions PRIA read: 3

## Summary

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.

## Bill overview: provisions PRIA read

- Court protections for shareholder voting advice: benefit, low. Beginning July 1, 2026, proxy-advisor violations count as deceptive acts under Indiana’s consumer-protection law, carrying its applicable remedies and penalties. Advice recipients, affected entities, and their interest holders can ask courts to declare rights or order violations stopped. Anyone bri…
- More disclosure from shareholder voting advisors: benefit, low. Beginning July 1, 2026, covered paid proxy advisors must explain recommendations and default voting policies against company management. Without a written financial analysis, they must identify their services and recommendation, disclose the missing analysis, and prominently post ongoing website no…
- Public purchases gain protections, with enforcement limits: mixed, low. Beginning July 1, 2026, Indiana’s consumer-protection rules cover products and services supplied to covered state and local agencies. These definitions exclude school corporations, charter schools, and state educational institutions. Only Indiana’s attorney general can bring and enforce cases for t…

## Sponsors and cosponsors

- Sponsor: Kyle Pierce (Republican), House
- Cosponsor: Jake Teshka (Republican), House
- Cosponsor: Mike Andrade (Democratic), House
- Cosponsor: Scott Baldwin (Republican), Senate

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2026-02-25 | House | House concurred with Senate amendments | pass | 72 | 20 |   |
| 2026-02-17 | Senate | Third reading: passed | pass | 41 | 4 |   |
| 2026-01-20 | House | Third reading: passed | pass | 67 | 21 |   |

## Actions (28)

- 2026-03-03: Signed by the Governor (House)
- 2026-03-03: Public Law 60 (House)
- 2026-02-27: Signed by the President of the Senate (Senate)
- 2026-02-27: Signed by the President Pro Tempore (Senate)
- 2026-02-25: House concurred with Senate amendments; Roll Call 368: yeas 72, nays 20 (House)
- 2026-02-25: Signed by the Speaker (House)
- 2026-02-24: Dissent rescinded (House)
- 2026-02-24: Motion to concur filed (House)
- 2026-02-19: House advisors appointed: Teshka, Lauer, Miller K (House)
- 2026-02-19: House conferees appointed: Pierce K, Andrade (House)
- 2026-02-19: Senate conferees appointed: Baldwin, Qaddoura (Senate)
- 2026-02-19: Senate advisors appointed: Randolph Lonnie M, Walker K (Senate)
- 2026-02-18: Motion to dissent filed (House)
- 2026-02-18: House dissented from Senate amendments (House)
- 2026-02-18: Returned to the House with amendments (Senate)
- 2026-02-17: Third reading: passed; Roll Call 186: yeas 41, nays 4 (Senate)
- 2026-02-16: Second reading: ordered engrossed (Senate)
- 2026-02-12: Committee report: amend do pass, adopted (Senate)
- 2026-01-26: First reading: referred to Committee on Insurance and Financial Institutions (Senate)
- 2026-01-21: Referred to the Senate (House)
- 2026-01-20: Third reading: passed; Roll Call 63: yeas 67, nays 21 (House)
- 2026-01-20: Senate sponsor: Senator Baldwin (House)
- 2026-01-15: Second reading: ordered engrossed (House)
- 2026-01-14: Representative Teshka added as coauthor (House)
- 2026-01-13: Committee report: amend do pass, adopted (House)
- 2026-01-12: Representative Andrade added as coauthor (House)
- 2026-01-06: First reading: referred to Committee on Financial Institutions (House)
- 2026-01-06: Authored by Representative Pierce K (House)

## Bill text

- Enrolled House Bill (H): [PDF](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.04.ENRS?format=pdf)
- House Bill (H): [PDF](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.03.COMS?format=pdf)
- House Bill (S): [PDF](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.02.COMH?format=pdf)
- Introduced House Bill (H): [PDF](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.01.INTR?format=pdf)

## Related bills

- HB 1266: Department of education and education matters. (signed)
- HB 1277: Health and human services matters. (signed)
- HB 1210: Department of local government finance. (signed)
- HB 1249: Various criminal law matters. (signed)
- HB 1200: Bureau of motor vehicles. (signed)
- HB 1115: Homeowners association governance. (signed)

## Sources
- [Enrolled House Bill (H) (PDF)](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.04.ENRS?format=pdf)
- [House Bill (H) (PDF)](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.03.COMS?format=pdf)
- [House Bill (S) (PDF)](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.02.COMH?format=pdf)
- [Introduced House Bill (H) (PDF)](https://api.iga.in.gov/2026/bills/HB1273/versions/HB1273.01.INTR?format=pdf)

## Related
- [HB 1266: Department of education and education matters.](https://policyrisk.com/state-bill/IN-HB1266-2026)
- [HB 1277: Health and human services matters.](https://policyrisk.com/state-bill/IN-HB1277-2026)
- [HB 1210: Department of local government finance.](https://policyrisk.com/state-bill/IN-HB1210-2026)
- [HB 1249: Various criminal law matters.](https://policyrisk.com/state-bill/IN-HB1249-2026)
- [HB 1200: Bureau of motor vehicles.](https://policyrisk.com/state-bill/IN-HB1200-2026)
- [HB 1115: Homeowners association governance.](https://policyrisk.com/state-bill/IN-HB1115-2026)
- [Indiana bills](https://policyrisk.com/states/indiana/bills)
- [Indiana state hub](https://policyrisk.com/states/indiana)
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Source: PRIA, https://policyrisk.com/state-bill/IN-HB1273-2026 (as of 2026-11-01).