This bill establishes the State Security Guards Industry Standards Board in Washington, tasked with setting minimum employment standards for security guards. The board will consist of members appointed by the governor, including representatives from various stakeholders such as security guards, employers, and consumers. By January 1, 2028, the board is required to adopt rules addressing minimum compensation, paid leave, employment benefits, and training requirements. It will also conduct public hearings and investigations into working conditions, with a review of established standards every four years. Enforcement mechanisms for violations include civil penalties for non-compliant employers, and security guard employers must ensure their employees complete training from certified organizations every two years. The bill also affirms that collective bargaining rights are not limited and allows security guards to pursue civil action for violations.

Additionally, the bill outlines the management and distribution of earnings from the investment income account, specifying that no appropriation is needed for payments to financial institutions before distributing earnings to the state general fund and various accounts. It introduces the "state security guards industry standards board account" as a new recipient of these earnings. The bill creates new sections in Title 49 RCW, establishing expiration and effective dates for certain provisions, with Section 10 set to expire on July 1, 2030, and Section 11 taking effect on the same date. This legislative framework aims to ensure equitable financial management and distribution of investment earnings across state accounts and programs.