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