WA HB1464

Creates a new licensing framework in Washington for home equity sharing agreement originators, requiring licensure by July 1, 2026, with a minimum $30,000 surety bond, background checks, and annual assessments paid to the Department of Financial Institutions

Defines home equity sharing agreements as nonrecourse obligations where homeowners receive an advance sum of money in exchange for a future share of equity in their primary dwelling, explicitly distinguishing these from mortgage loans

Caps the annualized cost of home equity sharing agreements at 25% and requires homeowners retain at least 10% beginning home equity after the agreement is consummated (except for home purchase transactions)

Mandates detailed disclosures to homeowners before entering agreements, including settlement examples at 3, 5, 10, 15, and 30 years under various property appreciation scenarios, plus a 3-business-day rescission period

Prohibits early settlement penalties, restrictions on homeowner property use or refinancing, and unfair/deceptive practices, with violations subject to fines up to $100 per day and enforceable under the Consumer Protection Act