AB 586: Professional fiduciaries.

Official summary

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

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. The act defines various terms for these purposes. The act 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.

Existing law, the Moscone-Knox Professional Corporation Act, defines and regulates professional corporations. The act 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.

This bill 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 a professional fiduciary professional corporation to register with the Secretary of State, as provided, and would require the corporation, its officers, directors, shareholders, and employees rendering professional fiduciary services to be in compliance with the Moscone-Knox Professional Corporation Act. The 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, in a timely manner, respond to inquiries or produce documents requested by the bureau, including inquiries and documents related to a professional fiduciary professional corporation.

Existing law generally regulates probate, guardianship, conservatorship, and other protective proceedings. Existing law defines “professional fiduciary” for these purposes.

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 29, 2025In committee: Held under submission.
2. August 25, 2025In committee: Referred to suspense file.
3. August 18, 2025From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
4. August 18, 2025(Ayes 27. Noes 0. Page 2170.)
5. August 7, 2025In committee: Hearing postponed by committee.
6. July 16, 2025From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 13. Noes 0.) (July 15). Re-referred to Com. on APPR.
7. July 9, 2025Read second time and amended. Re-referred to Com. on JUD.
8. July 8, 2025From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 10. Noes 0.) (July 7).
9. June 26, 2025From 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.
10. June 11, 2025Referred to Coms. on B. P. & E.D. and JUD.
11. June 3, 2025In Senate. Read first time. To Com. on RLS. for assignment.
12. June 2, 2025Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1926.)