California Business And Professions Code Section 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.