A BILL FOR AN ACT to amend the Indiana Code concerning utilities.

Plain English Breakdown

Checked against official source text during the last sync.

Restrictions on Selling Public Utilities

This bill stops public utilities from selling their business or shares to certain people and companies.

What This Bill Does

• Prohibits a public utility from selling, assigning, transferring, leasing, or encumbering its franchise, business, or property to a prohibited person.
• Prevents a public utility from selling, assigning, or transferring any of its stock to a prohibited person.
• Makes it so the Indiana utility regulatory commission cannot approve these kinds of transactions.
• Declares that contracts for such transactions are not valid.

Who It Names or Affects

• Public utilities in Indiana
• Private equity firms and their affiliates
• Citizens or companies from China, Iran, North Korea, Russia, or a country designated as a threat to critical infrastructure by the governor

Terms To Know

Prohibited person

A private equity firm or an affiliate of one, or a citizen or company from certain countries like China, Iran, North Korea, Russia, and others designated as threats to critical infrastructure.

Limits and Unknowns

• It is unclear how the governor will designate countries that are threats to critical infrastructure.

Official Summary Text

A BILL FOR AN ACT to amend the Indiana Code concerning utilities.
Restrictions on the sale of public utilities.

Current Bill Text

A BILL FOR AN ACT to amend the Indiana Code concerning utilities.

Restrictions on the sale of public utilities.

Prohibits a public utility from: (1) selling, assigning, transferring, leasing, or encumbering its franchise, business, or property; or (2) selling, assigning, or transferring any shares of its stock; to a prohibited person. Provides that the Indiana utility regulatory commission may not approve such a transaction, and that any contract for such a transaction is void. Provides that for purposes of this prohibition, a "prohibited person" means either of the following: (1) A private equity firm or an affiliate of a private equity firm. (2) A citizen of, or a company owned or controlled by or headquartered in, China, Iran, North Korea, Russia, or a country designated as a threat to critical infrastructure by the governor.