HB 1273 IN

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Became Law

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.

• Kyle Pierce Republican · author
• Scott Baldwin Republican · sponsor

1. Jan 6, 2026 Authored by Representative Pierce K · lower
2. Jan 6, 2026 First reading: referred to Committee on Financial Institutions · lower
3. Jan 12, 2026 Representative Andrade added as coauthor · lower
4. Jan 13, 2026 Committee report: amend do pass, adopted · lower
5. Jan 14, 2026 Representative Teshka added as coauthor · lower
6. Jan 15, 2026 Second reading: ordered engrossed · lower
7. Jan 20, 2026 Senate sponsor: Senator Baldwin · lower
8. Jan 21, 2026 Referred to the Senate · lower
9. Jan 20, 2026 Third reading: passed; Roll Call 63: yeas 67, nays 21 · lower
10. Jan 26, 2026 First reading: referred to Committee on Insurance and Financial Institutions · upper
11. Feb 12, 2026 Committee report: amend do pass, adopted · upper
12. Feb 16, 2026 Second reading: ordered engrossed · upper
13. Feb 17, 2026 Third reading: passed; Roll Call 186: yeas 41, nays 4 · upper
14. Feb 18, 2026 Returned to the House with amendments · upper
15. Feb 18, 2026 House dissented from Senate amendments · lower
16. Feb 18, 2026 Motion to dissent filed · lower
17. Feb 19, 2026 Senate advisors appointed: Randolph Lonnie M, Walker K · upper
18. Feb 19, 2026 Senate conferees appointed: Baldwin, Qaddoura · upper
19. Feb 19, 2026 House conferees appointed: Pierce K, Andrade · lower
20. Feb 19, 2026 House advisors appointed: Teshka, Lauer, Miller K · lower
21. Feb 24, 2026 Motion to concur filed · lower
22. Feb 24, 2026 Dissent rescinded · lower
23. Feb 25, 2026 Signed by the Speaker · lower
24. Feb 25, 2026 House concurred with Senate amendments; Roll Call 368: yeas 72, nays 20 · lower
25. Mar 3, 2026 Public Law 60 · lower
26. Feb 27, 2026 Signed by the President Pro Tempore · upper
27. Feb 27, 2026 Signed by the President of the Senate · upper
28. Mar 3, 2026 Signed by the Governor · executive