California Business and Professions Code 6562.5 – (a) A licensee shall notify the bureau in writing of their …
(a) A licensee shall notify the bureau in writing of their intent not to renew their license and submit a final annual statement in accordance with Section 6561 and Section 4542 of Title 16 of the California Code of Regulations, as it read on January 1, 2023, demonstrating they are no longer subject to licensure under this chapter.
(b) The written notice of nonpractice and final annual statement shall be submitted to the bureau 60 days before closing their business, ceasing practice as a professional fiduciary, or the expiration of their professional fiduciary license, whichever comes first.
Terms Used In California Business and Professions Code 6562.5
- Bureau: means the Professional Fiduciaries Bureau within the Department of Consumer Affairs, established pursuant to Section 6510. See California Business and Professions Code 6501
- Fiduciary: A trustee, executor, or administrator.
- license: means license, certificate, registration, or other means to engage in a business or profession regulated by this code or referred to in Section 1000 or 3600. See California Business and Professions Code 23.7
- Licensee: means a person who is licensed under this chapter as a professional fiduciary. See California Business and Professions Code 6501
- Professional fiduciary: means either of the following:
California Business and Professions Code 6501
(c) The bureau shall provide the licensee with any discrepancies between the final annual statement and the bureau’s records and the licensee shall comply with the bureau to address and resolve any outstanding matters.
(Added by Stats. 2023, Ch. 680, Sec. 11. (AB 1262) Effective January 1, 2024.)