republic-os/legislation/us/states/in/2023/hb-1581.md

---
type: "Bill"
title: "Business associations."
description: "Provides that the definitions for the uniform business organizations code apply to agricultural cooperatives. Removes the requirement that articles of incorporation for agricultural cooperatives must be acknowledged by at least one incorporator before a notary public. Provides that the uniform business transactions act applies to agricultural cooperatives for certain purposes. Adds business trusts and agricultural cooperatives to lists of entities that the secretary of state may revoke registrations for or dissolve. Makes conforming changes. Amends the statute concerning the securities restitution fund (fund) as follows: (1) Provides that 2% of funds received from fees and revenues from the administration of the Indiana Uniform Securities Act must be deposited in the fund instead of the state general fund. (2) Provides that any amount of the balance of the fund at the end of a particular state fiscal year that exceeds $2,000,000 reverts to the state general fund. (3) Provides that to ensure the financial viability of the fund, the securities commissioner may: (A) divide into installments; (B) delay; or (C) divide into installments and delay; any payments owed to claimants."
jurisdiction: "us/states/in"
legislature: "Indiana General Assembly"
session: "2023"
identifier: "HB 1581"
citation: "Indiana HB 1581 (2023)"
classification: ["bill"]
subjects: ["AGRICULTURE generally", "CORPORATIONS", "SECRETARY OF STATE"]
status: "enacted"
primary_sponsors: ["Robert Heaton", "Travis Holdman"]
version_count: 5
action_count: 19
vote_count: 1
first_action: "2023-01-19"
last_action: "2023-05-01"
source: "openstates"
source_identifier: "ocd-bill/e220de01-ca91-49cb-a676-03956475f68a"
source_url: "http://iga.in.gov/legislative/2023/bills/house/1581"
source_hash: "261fbe32d8bb9b1788a5e9c8ba76602a7af19ed99478e8a05f60ff175d1566e7"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-in"]
---

# Indiana HB 1581 (2023) — Business associations.

Provides that the definitions for the uniform business organizations code apply to agricultural cooperatives. Removes the requirement that articles of incorporation for agricultural cooperatives must be acknowledged by at least one incorporator before a notary public. Provides that the uniform business transactions act applies to agricultural cooperatives for certain purposes. Adds business trusts and agricultural cooperatives to lists of entities that the secretary of state may revoke registrations for or dissolve. Makes conforming changes. Amends the statute concerning the securities restitution fund (fund) as follows: (1) Provides that 2% of funds received from fees and revenues from the administration of the Indiana Uniform Securities Act must be deposited in the fund instead of the state general fund. (2) Provides that any amount of the balance of the fund at the end of a particular state fiscal year that exceeds $2,000,000 reverts to the state general fund. (3) Provides that to ensure the financial viability of the fund, the securities commissioner may: (A) divide into installments; (B) delay; or (C) divide into installments and delay; any payments owed to claimants.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Enrolled House Bill (H)** (committee substitute) — [source](http://in-proxy.openstates.org/2023/bills/HB1581/versions/HB1581.05.ENRS)
2. **House Bill (H)** (committee substitute) — [source](http://in-proxy.openstates.org/2023/bills/HB1581/versions/HB1581.02.COMH)
3. **House Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2023/bills/HB1581/versions/HB1581.04.COMS)
4. **House Bill (S)** (committee substitute) — [source](http://in-proxy.openstates.org/2023/bills/HB1581/versions/HB1581.03.COMS)
5. **Introduced House Bill (H)** (committee substitute) — [source](http://in-proxy.openstates.org/2023/bills/HB1581/versions/HB1581.01.INTR)

## Votes

- HB 1581 - Holdman - 3rd Reading — **50–0** (pass) · upper

## Sponsors

- Robert Heaton — primary (person)
- Travis Holdman — primary (person)
- Julie McGuire — coauthor (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2023-01-19** Authored by Representative Heaton
- **2023-01-19** First reading: referred to Committee on Financial Institutions `reading-1, referral-committee`
- **2023-02-02** Representative McGuire J added as coauthor
- **2023-02-02** Committee report: amend do pass, adopted `committee-passage`
- **2023-02-06** Second reading: ordered engrossed `reading-2`
- **2023-02-09** Third reading: passed; Roll Call 96: yeas 93, nays 0 `passage, reading-3, reading-3`
- **2023-02-09** Senate sponsor: Senator Holdman
- **2023-02-10** Referred to the Senate `referral`
- **2023-02-27** First reading: referred to Committee on Judiciary `reading-1, referral-committee`
- **2023-03-16** Committee report: do pass adopted; reassigned to Committee on Appropriations `committee-passage, referral-committee`
- **2023-04-13** Committee report: do pass, adopted `committee-passage`
- **2023-04-17** Second reading: ordered engrossed `reading-2`
- **2023-04-18** Third reading: passed; Roll Call 449: yeas 50, nays 0 `passage, reading-3, reading-3`
- **2023-04-19** Returned to the House without amendments `receipt`
- **2023-04-24** Signed by the Speaker `passage`
- **2023-04-25** Signed by the President Pro Tempore `passage`
- **2023-04-26** Signed by the President of the Senate `passage`
- **2023-05-01** Signed by the Governor `executive-signature`
- **2023-05-01** Public Law 156 `became-law`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/e220de01-ca91-49cb-a676-03956475f68a`. Confidence: reported (aggregated from official Indiana legislature records).