BILL ANALYSIS Ó AB 2741 Page 1 Date of Hearing: April 30, 2014 ASSEMBLY COMMITTEE ON APPROPRIATIONS Mike Gatto, Chair AB 2741 (Bonilla) - As Amended: April 10, 2014 Policy Committee: Business and Professions Vote: 13 - 0 Urgency: No State Mandated Local Program: No Reimbursable: SUMMARY This bill extends the sunset date on the Professional Fiduciaries Bureau (PFB) from January 1, 2015 to January 1, 2019. FISCAL EFFECT On-going Special Fund costs of approximately $500,000 to extend the PFB beyond the January 1, 2015 sunset date. This fund is self-supporting with fee revenue. COMMENTS 1)Purpose . According to the author's office, "This bill is necessary because if the Bureau is allowed to sunset, the responsibilities and jurisdiction of the Bureau will be transferred to the Professional Fiduciaries Advisory Committee. PFB has a new chief who works in tandem with a dedicated advisory committee; I look forward to their continued management of the profession." 2)2014 Sunset Review Report . On March 17, 2014, the Senate Business, Professions, and Economic Development Committee and the Assembly Business, Professions and Consumer Protection Committee held a joint sunset review hearing to hear testimony from PFB as to its performance and the necessity for continuing its existence by extending its sunset date. The Sunset review report drafted by the Assembly Business, Professions and Consumer Protection Committee recommended that PFB continue operations until the next review in 2019, and in AB 2741 Page 2 the meantime revisit its fee structure, plan for attracting new licensees and the viability of its future as an independent entity. 3)Existing Law . The Professional Fiduciaries Act (Act) was created in 2006 (SB 1550, Figueroa). PFB was established to license and regulate non-family member Professional Fiduciaries (PFs), including conservators, guardians, trustees, and agents under durable power of attorney. The Bureau currently licenses 638 PFs. 4)Prior Legislatio n. SB 543 (Steinberg, Chapter 448, Statutes of 2011), among other provisions, extended the sunset of the PFB from January 1, 2012 to January 1, 2015. Analysis Prepared by : Jennifer Swenson / APPR. / (916) 319-2081