6500. This chapter shall be known as the Professional Fiduciaries
Act.
6501. As used in this chapter, the following terms have the
following meanings:
(a) "Act" means this chapter.
(b) "Bureau" means the Professional Fiduciaries Bureau within the
Department of Consumer Affairs, established pursuant to Section 6510.
(c) "Client" means an individual who is served by a professional
fiduciary.
(d) "Department" means the Department of Consumer Affairs.
(e) "Licensee" means a person who is licensed under this chapter
as a professional fiduciary.
(f) (1) "Professional fiduciary" means a person who acts as a
conservator of the person, the estate, or person and estate, or
guardian of the estate, or person and estate, for two or more
individuals at the same time who are not related to the professional
fiduciary or to each other.
(2) "Professional fiduciary" also means a person who acts as a
trustee, agent under a durable power of attorney for health care, or
agent under a durable power of attorney for finances, for more than
three individuals, at the same time.
In counting individuals under this paragraph to determine whether
a person is a professional fiduciary:
(A) Individuals who are related to the fiduciary shall not be
counted.
(B) All individuals who are related to each other shall be counted
as one individual.
(C) All trustors who are related to each other shall be counted as
one individual, and neither the number of trusts nor the number of
beneficiaries of those trusts shall be counted.
(3) For purposes of this subdivision, "related" means related by
blood, adoption, marriage, or registered domestic partnership.
(4) "Professional fiduciary" does not include any of the
following:
(A) A trust company, as defined in Section 83 of the Probate Code.
(B) An FDIC-insured institution, or its holding companies,
subsidiaries, or affiliates. For the purposes of this subparagraph,
"affiliate" means any entity that shares an ownership interest with,
or that is under the common control of, the FDIC-insured institution.
(C) Any public agency, including the public guardian, public
conservator, or other agency of the State of California or of a
county of California or any regional center for persons with
developmental disabilities as defined in Section 4620 of the Welfare
and Institutions Code.
(D) A person employed by an entity or agency described in
subparagraph (A), (B), or (C) who is acting within the course and
scope of that employment, and a public officer of an agency described
in subparagraph (C) acting in the course and scope of official
duties.
(E) Any person whose sole activity as a professional fiduciary is
as a broker-dealer, broker-dealer agent, investment adviser, or
investment adviser representative registered and regulated under the
Corporate Securities Law of 1968 (Division 1 (commencing with Section
25000) of Title 4 of the Corporations Code), the Investment Advisers
Act of 1940 (15 U.S.C. Sec. 80b-1 et seq.), or the Securities
Exchange Act of 1934 (15 U.S.C. Sec. 78a et seq.), or involves
serving as a trustee to a company regulated by the Securities and
Exchange Commission under the Investment Company Act of 1940 (15
U.S.C. Sec. 80a-1 et seq.).
(g) "Committee" means the Professional Fiduciaries Advisory
Committee, as established pursuant to Section 6511.
6502. (a) Every person who is required to register with the
Statewide Registry maintained by the Department of Justice under
Chapter 13 (commencing with Section 2850) of Part 4 of Division 4 of
the Probate Code prior to January 1, 2007, shall be required to
obtain a license as a professional fiduciary under this chapter.
(b) Every person who is required to file information with the
clerk of the court under Article 4 (commencing with Section 2340) of
Chapter 3 of Part 4 of Division 4 of the Probate Code prior to
January 1, 2007, shall be required to obtain a license as a
professional fiduciary under this chapter.
6500. This chapter shall be known as the Professional Fiduciaries
Act.
6501. As used in this chapter, the following terms have the
following meanings:
(a) "Act" means this chapter.
(b) "Bureau" means the Professional Fiduciaries Bureau within the
Department of Consumer Affairs, established pursuant to Section 6510.
(c) "Client" means an individual who is served by a professional
fiduciary.
(d) "Department" means the Department of Consumer Affairs.
(e) "Licensee" means a person who is licensed under this chapter
as a professional fiduciary.
(f) (1) "Professional fiduciary" means a person who acts as a
conservator of the person, the estate, or person and estate, or
guardian of the estate, or person and estate, for two or more
individuals at the same time who are not related to the professional
fiduciary or to each other.
(2) "Professional fiduciary" also means a person who acts as a
trustee, agent under a durable power of attorney for health care, or
agent under a durable power of attorney for finances, for more than
three individuals, at the same time.
In counting individuals under this paragraph to determine whether
a person is a professional fiduciary:
(A) Individuals who are related to the fiduciary shall not be
counted.
(B) All individuals who are related to each other shall be counted
as one individual.
(C) All trustors who are related to each other shall be counted as
one individual, and neither the number of trusts nor the number of
beneficiaries of those trusts shall be counted.
(3) For purposes of this subdivision, "related" means related by
blood, adoption, marriage, or registered domestic partnership.
(4) "Professional fiduciary" does not include any of the
following:
(A) A trust company, as defined in Section 83 of the Probate Code.
(B) An FDIC-insured institution, or its holding companies,
subsidiaries, or affiliates. For the purposes of this subparagraph,
"affiliate" means any entity that shares an ownership interest with,
or that is under the common control of, the FDIC-insured institution.
(C) Any public agency, including the public guardian, public
conservator, or other agency of the State of California or of a
county of California or any regional center for persons with
developmental disabilities as defined in Section 4620 of the Welfare
and Institutions Code.
(D) A person employed by an entity or agency described in
subparagraph (A), (B), or (C) who is acting within the course and
scope of that employment, and a public officer of an agency described
in subparagraph (C) acting in the course and scope of official
duties.
(E) Any person whose sole activity as a professional fiduciary is
as a broker-dealer, broker-dealer agent, investment adviser, or
investment adviser representative registered and regulated under the
Corporate Securities Law of 1968 (Division 1 (commencing with Section
25000) of Title 4 of the Corporations Code), the Investment Advisers
Act of 1940 (15 U.S.C. Sec. 80b-1 et seq.), or the Securities
Exchange Act of 1934 (15 U.S.C. Sec. 78a et seq.), or involves
serving as a trustee to a company regulated by the Securities and
Exchange Commission under the Investment Company Act of 1940 (15
U.S.C. Sec. 80a-1 et seq.).
(g) "Committee" means the Professional Fiduciaries Advisory
Committee, as established pursuant to Section 6511.
6502. (a) Every person who is required to register with the
Statewide Registry maintained by the Department of Justice under
Chapter 13 (commencing with Section 2850) of Part 4 of Division 4 of
the Probate Code prior to January 1, 2007, shall be required to
obtain a license as a professional fiduciary under this chapter.
(b) Every person who is required to file information with the
clerk of the court under Article 4 (commencing with Section 2340) of
Chapter 3 of Part 4 of Division 4 of the Probate Code prior to
January 1, 2007, shall be required to obtain a license as a
professional fiduciary under this chapter.
6500. This chapter shall be known as the Professional Fiduciaries
Act.
6501. As used in this chapter, the following terms have the
following meanings:
(a) "Act" means this chapter.
(b) "Bureau" means the Professional Fiduciaries Bureau within the
Department of Consumer Affairs, established pursuant to Section 6510.
(c) "Client" means an individual who is served by a professional
fiduciary.
(d) "Department" means the Department of Consumer Affairs.
(e) "Licensee" means a person who is licensed under this chapter
as a professional fiduciary.
(f) (1) "Professional fiduciary" means a person who acts as a
conservator of the person, the estate, or person and estate, or
guardian of the estate, or person and estate, for two or more
individuals at the same time who are not related to the professional
fiduciary or to each other.
(2) "Professional fiduciary" also means a person who acts as a
trustee, agent under a durable power of attorney for health care, or
agent under a durable power of attorney for finances, for more than
three individuals, at the same time.
In counting individuals under this paragraph to determine whether
a person is a professional fiduciary:
(A) Individuals who are related to the fiduciary shall not be
counted.
(B) All individuals who are related to each other shall be counted
as one individual.
(C) All trustors who are related to each other shall be counted as
one individual, and neither the number of trusts nor the number of
beneficiaries of those trusts shall be counted.
(3) For purposes of this subdivision, "related" means related by
blood, adoption, marriage, or registered domestic partnership.
(4) "Professional fiduciary" does not include any of the
following:
(A) A trust company, as defined in Section 83 of the Probate Code.
(B) An FDIC-insured institution, or its holding companies,
subsidiaries, or affiliates. For the purposes of this subparagraph,
"affiliate" means any entity that shares an ownership interest with,
or that is under the common control of, the FDIC-insured institution.
(C) Any public agency, including the public guardian, public
conservator, or other agency of the State of California or of a
county of California or any regional center for persons with
developmental disabilities as defined in Section 4620 of the Welfare
and Institutions Code.
(D) A person employed by an entity or agency described in
subparagraph (A), (B), or (C) who is acting within the course and
scope of that employment, and a public officer of an agency described
in subparagraph (C) acting in the course and scope of official
duties.
(E) Any person whose sole activity as a professional fiduciary is
as a broker-dealer, broker-dealer agent, investment adviser, or
investment adviser representative registered and regulated under the
Corporate Securities Law of 1968 (Division 1 (commencing with Section
25000) of Title 4 of the Corporations Code), the Investment Advisers
Act of 1940 (15 U.S.C. Sec. 80b-1 et seq.), or the Securities
Exchange Act of 1934 (15 U.S.C. Sec. 78a et seq.), or involves
serving as a trustee to a company regulated by the Securities and
Exchange Commission under the Investment Company Act of 1940 (15
U.S.C. Sec. 80a-1 et seq.).
(g) "Committee" means the Professional Fiduciaries Advisory
Committee, as established pursuant to Section 6511.
6502. (a) Every person who is required to register with the
Statewide Registry maintained by the Department of Justice under
Chapter 13 (commencing with Section 2850) of Part 4 of Division 4 of
the Probate Code prior to January 1, 2007, shall be required to
obtain a license as a professional fiduciary under this chapter.
(b) Every person who is required to file information with the
clerk of the court under Article 4 (commencing with Section 2340) of
Chapter 3 of Part 4 of Division 4 of the Probate Code prior to
January 1, 2007, shall be required to obtain a license as a
professional fiduciary under this chapter.
