2007 California Business and Professions Code Article 1. General Provisions

CA Codes (bpc:6500-6502)

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) "Professional fiduciary" means a person who acts as a
conservator or guardian for two or more persons at the same time who
are not related to the professional fiduciary or to each other by
blood, adoption, marriage, or registered domestic partnership.
"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
people or more than three families, or a combination of people and
families that totals more than three, at the same time, who are not
related to the professional fiduciary by blood, adoption, marriage,
or registered domestic partnership.  "Professional fiduciary" does
not include any of the following:
   (1) A trust company, as defined in Section 83 of the Probate Code.

   (2) An FDIC-insured institution, or its holding companies,
subsidiaries, or affiliates. For the purposes of this paragraph,
"affiliate" means any entity that shares an ownership interest with,
or that is under the common control of, the FDIC-insured institution.

   (3) A person employed by an entity described in paragraph (1) or
(2) who is acting in the course and scope of that employment.
   (4) Any public officer or public agency, including the public
guardian, public conservator, or other agency of the State of
California or of a county of California, when that public officer or
public agency is acting in the course and scope of official duties,
or any regional center for persons with developmental disabilities as
defined in Section 4620 of the Welfare and Institutions Code.
   (5) 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.