H.R. 2441 — Improving Disclosure for Investors Act of 2025

This section directs the Securities and Exchange Commission (SEC) to propose, within 180 days of enactment, and finalize, within one year of enactment, rules permitting covered entities—such as registered investment companies, business development companies, brokers, dealers, investment advisers, and transfer agents—to deliver regulatory documents required under the securities laws to investors via electronic delivery (i.e., direct delivery to an electronic address or posting to a website). The rules must (1) for investors not receiving all documents electronically, provide an initial paper communication, a transition period of up to 180 days to electronic delivery, and annual paper reminders for up to two years thereafter of opt-out rights; (2) specify content and timing requirements for notices; (3) include opt-out mechanisms, remediation for failed deliveries, minimum readability and retainability standards, and confidentiality measures for certain entities; and (4) exempt such deliveries from consumer consent requirements under Section 101(c) of the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001(c)) (i.e., the provision generally requiring affirmative consumer consent, disclosures of paper rights and withdrawal consequences, and applicability statements before using electronic records to satisfy writing requirements for consumer disclosures). (Thus, electronic delivery satisfying these rules is deemed compliant even without E-SIGN consumer consents.) If the SEC misses the finalization deadline, covered entities may proceed with electronic delivery under these standards, deemed compliant; the section further requires the SEC to review and amend its rules within specified timelines to allow electronic satisfaction of "in writing" delivery requirements (excluding statutory paper mandates), with self-regulatory organizations to conform their rules.