Requires the state conservation commission to: (1) In partnership with the department of ecology, explore whether there are potential buyers and sellers in the state's watersheds for a water quality trading program;

(2) Coordinate with Indian tribes, the department of agriculture and other state agencies, local governments, and other interested stakeholders in completing the required assessment and report; and

(3) Before finalizing the assessment and report, ensure that the department of ecology concurs with its determination of whether or not there is the potential for a viable water quality trading program.