The Senate Law and Justice Committee, chaired by Senator Padden (R), substituted House Bill 1783 and adopted Second Substituted Engrossed Bill 1783, which would have lowered the interest rate to four percent, among other changes. That was March 29th.
Then the bill went to the Senate Ways and Means Committee, which focuses on the State's operating and capital budget. The deadline for a vote was April 5, and the vote never happened. You can see the full details of the bill making its way through the Legislature here.
Unless supporters introduce the bill into the legislature's Special Session, it's over for another year.
Sadly, thousands of men and women will be convicted within the next year and the 12 percent interest will continue to run.