BILL ANALYSIS                                                                                                                                                                                                    Ó



                                                                  AB 2024
                                                                  Page  1

          Date of Hearing:   April 30, 2014

                        ASSEMBLY COMMITTEE ON APPROPRIATIONS
                                  Mike Gatto, Chair

                AB 2024 (Bonilla) - As Introduced:  February 20, 2014 

          Policy Committee:                              Business and  
          Professions  Vote:                            14 - 0

          Urgency:     No                   State Mandated Local Program:  
          No     Reimbursable:              

           SUMMARY  

          This bill updates the Professional Fiduciary Act to authorize  
          "retired" status for licensed fiduciaries and require  
          cancellation of a license that is not renewed within three  
          years, and authorizes the Professional Fiduciaries Bureau  
          (Bureau) to establish qualifications and regulations as  
          required. 

           FISCAL EFFECT  

          Minor and absorbable costs to the Professional Fiduciaries  
          Bureau.
           
          COMMENTS  

           1)Purpose  .  This bill updates the licensing provisions in the  
            Professional Fiduciaries Act to make the licensing laws more  
            consistent with provisions in other Department of Consumer  
            Affairs (DCA) boards' and bureaus' licensing acts, such as the  
            Board of Accountancy, California Architects Board, and the  
            Dental Board of California, that allow licensees to select a  
            "retired" status that would be reflected in public records.  

           2)Professional fiduciaries  . A professional fiduciary is a person  
            who acts as a conservator of the person or estate, or guardian  
            of the estate or person, for two or more individuals at the  
            same time who are not related to the professional fiduciary or  
            to each other.  A professional fiduciary is also someone who  
            acts as a trustee, agent under a durable power of attorney for  
            health care, or agent under a durable power of attorney for  
            finances, for more than three individuals, at the same time.








                                                                  AB 2024
                                                                  Page  2


           3)Related legislation  .  

             a)   AB 1859 (Maienschein, 2014), authorizing creation of  
               licensed professional fiduciary corporations (LPFC) is  
               pending in this committee. 

             b)   AB 2741 (Bonilla, 2014), extending the sunset date on  
               the Professional Fiduciaries Bureau from January 1, 2015 to  
               January 1, 2019, is before this committee today.


           Analysis Prepared by  :    Jennifer Swenson / APPR. / (916)  
          319-2081