WA HB2423

Financial institutions must transmit retirement account distribution funds within 15 business days of receiving a valid request, including rollovers to IRAs and transfers from 401(k), 403(b), and 457(b) plans.

Institutions that miss the 15-day deadline must pay consumers daily interest at the four-week U.S. Treasury bill rate, beginning on the 16th business day until funds are transmitted.

Consumers may sue for owed interest, court costs, attorney fees, and up to $500 in statutory damages per violation.

Requests for supplemental information do not pause the 15-day clock unless the information is necessary and the consumer is notified in writing within 3 business days.

The Department of Financial Institutions may adopt rules to implement and enforce the new chapter added to Title 21 RCW.