BILL ANALYSIS                                                                                                                                                                                                    �



                                                                  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