Washington HB2423 mandates financial institutions to transmit retirement account distributions within 15 business days, with penalties for delays.

Washington HB2423 establishes a 15-business-day limit for financial institutions to process retirement account distributions. If a financial institution fails to meet this deadline, it must pay the consumer market rate interest on the full amount of the distribution request, starting from the 16th business day. Consumers harmed by delays can bring a civil action to recover interest, court costs, attorney fees, and statutory damages of up to $500 per violation. The bill aims to protect consumers from unreasonable delays in retirement account distributions, ensuring timely access to their funds.

Washington HB2423 mandates financial institutions to transmit retirement account distributions within 15 business days, with penalties for delays.

Washington HB2423 establishes a 15-business-day limit for financial institutions to process retirement account distributions. If a financial institution fails to meet this deadline, it must pay the consumer market rate interest on the full amount of the distribution request, starting from the 16th business day. Consumers harmed by delays can bring a civil action to recover interest, court costs, attorney fees, and statutory damages of up to $500 per violation. The bill aims to protect consumers from unreasonable delays in retirement account distributions, ensuring timely access to their funds.