Bill > AB1939

This bill, effective January 1, 2028, allows licensed professional fiduciaries to organize as professional fiduciary professional corporations, which are business entities that provide professional fiduciary services. These corporations will be regulated by the Professional Fiduciaries Bureau and must comply with the Moscone-Knox Professional Corporation Act, which governs professional corporations. The bill also expands the information that professional fiduciaries must report to the bureau, including details about any professional fiduciary corporation they work with or under, and requires professional fiduciary professional corporations to register with the Secretary of State. Furthermore, it clarifies that courts cannot appoint a professional fiduciary or a professional fiduciary professional corporation as a guardian, conservator, personal representative, or trustee unless specific licensing or exemption requirements are met, and it repeals an outdated provision that previously governed court appointments of professional fiduciaries. The bill also introduces new reporting requirements for professional fiduciary professional corporations to the bureau, with certain information kept confidential to protect client privacy.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1939