Concerning home equity sharing agreements.

HB 1464 establishes a new regulatory framework for home equity sharing agreements in Washington State, which are financial arrangements where homeowners receive an upfront payment in exchange for sharing future property equity (not classified as mortgage loans). The bill requires originators of these agreements to obtain a license from the Department of Financial Institutions by July 1, 2026, including background checks, surety bonds, and annual fees. It defines key terms like "agreed home value" and "annualized cost" to standardize agreements for primary residences, while explicitly stating these are not mortgage loans or reverse mortgages. The law applies to all such agreements involving Washington homeowners and aims to create clear oversight for this growing financial product.