BILL ANALYSIS �
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