The proposed bill aims to enhance the protection of personal information for consumers using financial services applications on mobile or internet-connected devices. It introduces a new chapter to Title 19 RCW, defining key terms such as "banking service," "consumer," "financial institution," and "personal information." The bill mandates that financial institutions disclose to consumers the collection, storage, or sharing of their personal information and allows consumers to opt out of such practices unless the information is necessary for providing banking services. Additionally, it specifies that financial institutions must not collect or share personal information from consumers who have opted out.

Furthermore, the bill establishes that violations of these provisions are considered unfair or deceptive acts under the consumer protection act, allowing injured parties to seek statutory damages of $7,500 or actual damages. The legislation also includes a severability clause, ensuring that if any part of the act is deemed invalid, the remaining provisions will still be enforceable. Overall, the bill seeks to strengthen consumer rights and privacy in the financial services sector.