Two new laws that will have a direct effect on professional fiduciaries go into effect on January 1, 2023. They’ll both have a direct impact for the Professional Fiduciaries Bureau’s (PFB) licensees and applicants and it’s important for fiduciaries and consumers to become familiar with these new requirements.
Effective January 1, 2023, AB 1194 (Chapter 417, Statutes of 2021) requires professional fiduciaries to provide a fee schedule, including hourly fees, on their website. Those without a website must provide a fee schedule for services, upon request, or to interested consumers.
In addition, AB 1194 also specifies that a licensed professional fiduciary be liable for a civil penalty up to $10,000 if the court finds the professional fiduciary abused a conservatee. It also prohibits a guardian, trustee, or employee of the guardian or conservator to hire or refer business to an entity where they have a financial interest. Additionally, AB 1194 requires PFB to investigate specified allegations and impose sanctions or revoke an individual’s license, as appropriate.
Also effective January 1, 2023, AB 465 (Chapter 167, Statutes of 2021) requires professional fiduciary licensees to complete at least two hours of instruction in ethics, two hours in cultural competency, or two hours in both ethics and cultural competency, every year as part of the license renewal process. In addition, applicants must complete at least one hour of instruction in cultural competency as part of their initial 30 hours of education required for licensure.
For more information about these bills, visit www.leginfo.legislature.ca.gov.
To access consumer resources or check the license of a professional fiduciary, or file a complaint, visit www.fiduciary.ca.gov.
