The bill establishes the State Security Guards Industry Standards Board in Washington, tasked with setting minimum employment standards for security guards. The board will be composed of members appointed by the governor, including representatives from various stakeholders such as security guards, employers, a nonprofit training program, 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 the established standards every four years. Enforcement mechanisms for violations include civil penalties for non-compliant employers and the right for injured security guards to pursue civil action for damages.

Additionally, the bill creates a new account to manage fees collected for the board's operations, with a portion of licensing fees directed to this account. It emphasizes that the bill does not limit the rights of parties to collective bargaining agreements and mandates compliance with existing contracts that meet or exceed the board's standards. Furthermore, 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 and establishes expiration and effective dates for certain provisions, ensuring a structured financial management framework within state operations.