CA AB540

Renames the "Cal Grant B Service Incentive Grant Program" to the "California Dreamer Service Incentive Grant Program" effective in the 2019-20 academic year.

Requires that organizations where participating students perform community or volunteer service must have been established for a minimum of 2 years before students begin performing service hours to qualify.

Authorizes the Student Aid Commission to adopt emergency regulations necessary to implement the program, with emergency regulations limited to 180 days unless standard regulatory procedures are followed.

Maintains existing program eligibility requirements including student enrollment at University of California, California State University, California Community Colleges, or independent institutions, and completion of 100 hours per quarter or 150 hours per semester of qualifying service.