California Business and Professions Code 6561 – (a) A licensee shall initially, and annually thereafter, file …
(a) A licensee shall initially, and annually thereafter, file with the bureau a statement under penalty of perjury containing the following:
(1) The licensee’s business address, telephone number, and facsimile number.
Terms Used In California Business and Professions Code 6561
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Bureau: means the Professional Fiduciaries Bureau within the Department of Consumer Affairs, established pursuant to Section 6510. See California Business and Professions Code 6501
- Client: means an individual who is served by a professional fiduciary. See California Business and Professions Code 6501
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Licensee: means a person who is licensed under this chapter as a professional fiduciary. See California Business and Professions Code 6501
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Professional fiduciary: means either of the following:
California Business and Professions Code 6501
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
- Trustee: A person or institution holding and administering property in trust.
(2) Whether or not the licensee has been removed for cause as a conservator, guardian, trustee, personal representative of a decedent‘s estate, agent under a durable power of attorney for health care, agent under a durable power of attorney for finances, or a position arising from appointment as a professional fiduciary practice administrator. The licensee may file an additional statement of the issues and facts pertaining to the case.
(3) The names of the licensee’s current conservatees, wards, principals under a durable power of attorney for health care, or principals under a durable power of attorney for finances, and the names of trusts and decedent’s estates currently administered by the licensee, whether the cases are court supervised or non-court supervised, and including court names, court locations, and case numbers where applicable.
(4) The case names, court locations, and case numbers of all conservatorship, guardianship, trust and other estate administration cases that are closed for which the licensee served as the conservator, guardian, trustee, agent under a durable power of attorney for finance or health care, and personal representative of a decedent’s estate, whether the case is court supervised or non-court supervised.
(5) Whether the licensee has been found by a court to have breached a fiduciary duty.
(6) Whether the licensee has resigned or settled a matter in which a complaint against the licensee has been filed with the court, along with the case number and a statement of the issues and facts pertaining to the allegations.
(7) Any licenses or professional certificates held by the licensee.
(8) Any ownership or beneficial interests in businesses or other enterprises held by the licensee or by a family member that receives or has received payments from a client of the licensee.
(9) Whether the licensee has filed for bankruptcy or held a controlling financial interest in a business that filed for bankruptcy in the last ten years.
(10) The name of any persons or entities that have an interest in the licensee’s professional fiduciary business.
(11) Whether the licensee has been convicted of a crime.
(b) The statement by the licensee required by this section may be filed electronically with the bureau, in a form approved by the bureau. However, any additional statement filed under paragraph (2) of subdivision (a) shall be filed in writing.
(Amended by Stats. 2022, Ch. 612, Sec. 3.5. (SB 1024) Effective January 1, 2023.)