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

HB 2423 requires Washington financial institutions to process retirement account distribution requests within 15 business days of receipt. If they fail to meet this deadline, institutions must pay consumers daily market-rate interest on the delayed funds starting on day 16, plus a $500 statutory damage per violation. The bill applies to Washington consumers with qualified retirement accounts (like 401(k)s or IRAs) and covers institutions like banks and brokerages, excluding federal retirement plans governed by ERISA. It establishes clear timelines, compensation for delays, and allows consumers to sue for unpaid interest or damages through civil court.