Professional fiduciaries.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill updates the law regarding professional fiduciaries, which are individuals or corporations responsible for managing the finances and assets of vulnerable adults or estates. It establishes a Professional Fiduciaries Bureau to license and regulate these professionals and allows professional fiduciary professional corporations to provide these services. The bill also clarifies the definition of a professional fiduciary to include these corporations and adds provisions to address potential issues like responding to inquiries and ensuring compliance with corporate regulations. Finally, it removes outdated provisions related to appointing guardians or conservators and adds findings to justify a lack of state reimbursement for local agencies.
Key provisions
- Authorizes professional fiduciary professional corporations to provide fiduciary services.
- Requires these corporations to register with the Secretary of State and comply with the Moscone-Knox Professional Corporation Act.
- Expands the definition of ‘professional fiduciary’ to include professional fiduciary professional corporations.
- Adds a cause for disciplinary action related to failure to respond to inquiries or provide documents requested by the bureau.
- Requires professional fiduciary professional corporations to maintain a corporation-wide report.
- Specifies requirements for appointing professional fiduciaries as guardians, conservators, or trustees.
- Includes findings to justify a lack of state reimbursement for local agencies.
- Repeals a previous provision regarding appointing a person to carry out the duties of a professional fiduciary.
Bill text
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Sponsors
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1 on record
Primary sponsor
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