As used in this chapter, the following terms have the following meanings:
(a)CA 商业与专业 Code § 6501(a) “Act” means this chapter.
(b)CA 商业与专业 Code § 6501(b) “Bureau” means the Professional Fiduciaries Bureau within the Department of Consumer Affairs, established pursuant to Section 6510.
(c)CA 商业与专业 Code § 6501(c) “Client” means an individual who is served by a professional fiduciary.
(d)CA 商业与专业 Code § 6501(d) “Department” means the Department of Consumer Affairs.
(e)CA 商业与专业 Code § 6501(e) “Licensee” means a person who is licensed under this chapter as a professional
fiduciary.
(f)Copy CA 商业与专业 Code § 6501(f)
(1)Copy CA 商业与专业 Code § 6501(f)(1) “Professional fiduciary” means either of the following:
(A)CA 商业与专业 Code § 6501(f)(1)(A) A person who acts as a guardian or conservator of the person, the estate, or the person and estate, for two or more individuals at the same time who are not related to the professional fiduciary or to each other.
(B)CA 商业与专业 Code § 6501(f)(1)(B) A personal representative of a decedent’s estate, as defined in Section 58 of the Probate Code, for two or more individuals at the same time who are not related to the professional fiduciary or to each other.
(2)CA 商业与专业 Code § 6501(f)(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)CA 商业与专业 Code § 6501(A) Individuals who are related to the fiduciary shall not be counted.
(B)CA 商业与专业 Code § 6501(B) All individuals who are related to each other shall be counted as one individual.
(C)CA 商业与专业 Code § 6501(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.
(D)CA 商业与专业 Code § 6501(D) “Professional fiduciary” also includes a person acting as a professional
fiduciary practice administrator, appointed pursuant to Section 2469 or 9765 of the Probate Code.
(3)CA 商业与专业 Code § 6501(3) For purposes of this subdivision, “related” means related by blood, adoption, marriage, or registered domestic partnership.
(4)CA 商业与专业 Code § 6501(4) “Professional fiduciary” does not include any of the following:
(A)CA 商业与专业 Code § 6501(4)(A) A trust company, as defined in Section 83 of the Probate Code.
(B)CA 商业与专业 Code § 6501(4)(B) An FDIC-insured institution, or its holding companies, subsidiaries, or affiliates. For the purposes of this subparagraph, “affiliate” means an entity that shares an ownership interest with, or that is under the common control of, the FDIC-insured institution.
(C)CA 商业与专业 Code § 6501(4)(C) A public agency, including the public guardian, public conservator, or other agency of the State of California or of a county of California or a regional center for persons with developmental disabilities, as defined in Section 4620 of the Welfare and Institutions Code.
(D)CA 商业与专业 Code § 6501(4)(D) A nonprofit corporation or charitable trust that is described in Section 501(c)(3) of the Internal Revenue Code and that satisfies all of the following requirements:
(i)CA 商业与专业 Code § 6501(4)(D)(i) Is an organization described in Section 509(a)(1), Section 509(a)(2), or Section 509(a)(3) of the Internal Revenue Code.
(ii)CA 商业与专业 Code § 6501(4)(D)(ii) Has been in existence for at least five years.
(iii)CA 商业与专业 Code § 6501(4)(D)(iii) Has total institutional funds as described in subdivision (e) of Section 18502 of the Probate Code according to its most recent
audited financial statement with a value of at least two million dollars ($2,000,000) net of encumbrances.
(iv)CA 商业与专业 Code § 6501(4)(D)(iv) Is acting as a trustee, incidental to the purposes for which it was organized, of a trust that meets at least one of the following conditions:
(I)CA 商业与专业 Code § 6501(4)(D)(iv)(I) It is a trust from which annual distributions are limited to income, a sum certain, or a fixed percentage of the net fair market value of the trust assets as described in Section 664(d) of the Internal Revenue Code governing charitable remainder trusts.
(II) It is a trust from which annual distributions are limited to a guaranteed annuity or a fixed percentage of the fair market value of the property as described in Section 2055(e)(2)(B) or Section 2522(c)(2)(B)
of the Internal Revenue Code.
(III) It is a trust from which annual distributions are limited to income, including a pooled income fund from which annual distributions are limited to income as described in Section 642(c)(5) of the Internal Revenue Code governing pooled income funds.
(IV) It is a trust as to which the value of the charitable interest was presently ascertainable upon creation of the trust and deductible for federal gift, estate, or income tax purposes under the Internal Revenue Code as in effect prior to enactment of the federal Tax Reform Act of 1969 (Public Law 91-172).
