Protecting consumers from unreasonable delays in the processing of retirement account distributions.

 H-2843.1

HOUSE BILL 2423

State of Washington

69th Legislature

2026 Regular Session

By Representatives Low and Bronoske

Read first time 01/13/26. Referred to Committee on Consumer Protection & Business.

AN ACT Relating to protecting consumers from unreasonable delays in the processing of retirement account distributions; adding a new chapter to Title 21 RCW; and creating a new section.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1. (1) The legislature finds that delays in processing distributions from retirement accounts, including rollovers to individual retirement accounts, can cause significant financial harm to Washington consumers through lost investment opportunities and lost interest earnings.

(2) The legislature further finds that consumers have little practical recourse when financial institutions retain funds for extended periods after a valid distribution request has been submitted.