1. (a) “Act” means the provisions of the Professional Fiduciaries Act, Chapter 6 (commencing with Section 6500) of Division 3 of the Business and Professions Code.
2. (b) “Bureau” means the Professional Fiduciaries Bureau within the Department of Consumer Affairs, established pursuant to 6510 of the Business and Professions Code.
3. (c) “Licensee” means a person who is licensed under the Professional Fiduciaries Act, Chapter 6 (commencing with Section 6500) of Division 3 of the Business and Professions Code as a “licensed professional fiduciary” pursuant to Section 6536.
4. (d) “Consumer,” under the Act, means an individual with whom the licensee has established a fiduciary relationship including: a conservatee when the fiduciary is acting as a court-appointed conservator; a ward when the fiduciary is acting as a court-appointed guardian, a principal when the fiduciary is acting under a durable power of attorney, and a beneficiary when the fiduciary is acting as a trustee.

5. (e) Trustee as a Professional Fiduciary -- A person acting as a trustee under the Act is an individual who meets the requirements of paragraph (1) and (2) and shall be licensed as a professional fiduciary unless exempt under the Act.

   1. (1) Licensing applies to the following persons

      1. (A) An individual acting as trustee for a trust as defined in Section 82 of the Probate Code that includes at least one individual beneficiary, or
      2. (B) An individual, acting on behalf of an entity appointed as trustee, to perform the functions of a trustee for a trust as defined in Section 82 of the Probate Code that includes at least one individual beneficiary.

   2. (2) Number of non-family member trustors applies as follows:

      A professional fiduciary as defined in Section 6501, includes a person acting as trustee 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, unless excluded under the Act. Trustors shall be counted and neither beneficiaries nor trusts shall be counted.

For the purpose of the regulations contained in this division, the term:

Note: Authority cited: Section 6517, Business and Professions Code. Reference: Sections 6500, 6501, 6502, 6510 and 6530, Business and Professions Code.

History

1. New section filed 11-26-2007 as an emergency; operative 11-26-2007 (Register 2007, No. 48). A Certificate of Compliance must be transmitted to OAL by 5-27-2008 or emergency language will be repealed by operation of law on the following day.

2. Certificate of Compliance as to 11-26-2007 order, including amendment of subsection (e)(2), transmitted to OAL 5-28-2008 and filed 6-16-2008 (Register 2008, No. 25).