AB 1939: Professional fiduciaries: corporate practice.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

(1)Existing law, the Professional Fiduciaries Act, establishes, until January 1, 2028, the Professional Fiduciaries Bureau, and requires the bureau to license and regulate professional fiduciaries. Existing law defines various terms for these purposes. Existing law requires the bureau to maintain specified information in each licensee’s file, and requires a licensee to annually file with the bureau a statement under penalty of perjury containing specified information, including among other things, any licenses or professional certificates held by the licensee.

This bill, beginning January 1, 2029, would authorize licensees to organize professional fiduciary professional corporations to provide professional fiduciary services, and would prescribe requirements and regulations for those professional corporations to provide fiduciary services. The bill would require the bureau to set the registration and annual renewal professional fiduciary professional corporations regulatory fee in the amount of at least $1,000 but not to exceed the reasonable costs of implementing these provisions.

This bill would require the information maintained by the bureau in each licensee’s file, and the annual statement filed by a licensee, to include additional information, including information related to whether the licensee is serving with or under a professional fiduciary corporation. By expanding the scope of the crime of perjury, this bill would impose a state-mandated local program.

Existing law authorizes the bureau to suspend, revoke, deny, or impose other disciplinary action on a professional fiduciary license for specified causes, including, among other things, violating specified laws, rules, or regulations pertaining to duties or functions of a professional fiduciary.

This bill would add to that list of causes the failure of a licensee to respond to inquiries or produce documents requested by the bureau, including inquiries and documents related to a professional fiduciary professional corporation, within 60 days of when the request is made.

(2)Existing law, the Moscone-Knox Professional Corporation Act, defines and regulates professional corporations. Existing law provides that a professional organization renders professional services that may be lawfully rendered only pursuant to a license, certification, or registration authorized by, among others, the Business and Professions Code pursuant to a certificate of registration issued by the governmental agency regulating the profession, as specified.

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. August 13, 2026In committee: Held under submission.
2. August 3, 2026In committee: Referred to APPR. suspense file.
3. July 1, 2026From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 13. Noes 0.) (June 30). Re-referred to Com. on APPR.
4. June 15, 2026From committee: Do pass and re-refer to Com. on JUD. (Ayes 11. Noes 0.) (June 15). Re-referred to Com. on JUD.
5. June 11, 2026From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. P. & E.D.
6. June 3, 2026Referred to Coms. on B. P. & E.D. and JUD.
7. May 27, 2026In Senate. Read first time. To Com. on RLS. for assignment.
8. May 26, 2026Read third time. Passed. Ordered to the Senate. (Ayes 76. Noes 0. Page 5400.)
9. May 19, 2026Read second time. Ordered to third reading.
10. May 18, 2026Read second time and amended. Ordered returned to second reading.
11. May 14, 2026From committee: Amend, and do pass as amended. (Ayes 15. Noes 0.) (May 14).
12. April 29, 2026In committee: Set, first hearing. Referred to APPR. suspense file.