Business lending funds would send Indiana investors quarterly reports

Fund managers or others responsible for a fund would send investor reports at least every three months. Covered funds pool investor money to lend directly to private businesses. Reports go to investors who have invested in the fund and whose main home is in Indiana or whose institution is based there, and to the securities commissioner. Each report must show returns with and without fees, overdue loans, and defaults or losses. The reporting duty would start after June 30, 2026.

Investment materials could describe a fund's risk positively only under a stated exception. The rule would cover material about private credit funds shared with Indiana residents or Indiana based institutions. Fund managers' public web pages would also be covered. A disclaimer must be provided, or an outside credit rating agency must have rated the fund's assets. This would apply to investment information delivered or communicated after June 30, 2026.

Fund managers or others responsible for a fund would make their policies available in writing. Indiana investors include people whose main home is in the state and institutions based there. The securities commissioner may also ask. An Indiana investor or the securities commissioner must ask in writing. The policies must cover loan values, cash management, credit risk, borrower defaults, and conflicts of interest. This duty would take effect July 1, 2026.