Bill Text: CA SB308 | 2009-2010 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Professional fiduciaries: donative transfers.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2009-10-11 - Chaptered by Secretary of State. Chapter 348, Statutes of 2009. [SB308 Detail]

Download: California-2009-SB308-Introduced.html

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BILL NUMBER: SB 308	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Harman

                        FEBRUARY 25, 2009

   An act to amend Section 6501 of the Business and Professions Code,
relating to professional fiduciaries.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 308, as introduced, Harman. Professional fiduciaries.
   Existing law, the Professional Fiduciaries Act, defines
professional fiduciaries required to be licensed by the Professional
Fiduciaries Bureau within the Department of Consumer Affairs as a
person who acts as a conservator or guardian for 2 or more persons
who are related to the professional fiduciary or each other, or a
person who acts as a trustee or agent under a durable power of
attorney for more than 3 people or families who are not related to
the professional fiduciary.
   This bill would specify how individuals are counted to determine
whether a person is a professional fiduciary, including that
individuals related to the fiduciary would not be counted and
individuals or trustors who are related to each other would be
counted as one individual.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 6501 of the Business and Professions Code is
amended to read:
   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)  (1)    "Professional fiduciary" means a
person who acts as a conservator  of the person, the estate, or
person and estate,  or guardian  of the estate, or person
and estate,  for two or more  persons  
individuals  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  
individuals  , at the same time  , who are not related
to the   . 
    (2)     In counting individuals under th
  is   subdivision t   o determine whether
a person is a  professional fiduciary  the following shall
apply:  
   (A) Individuals who are related to the fiduciary shall not be
counted.  
   (B) All individuals who are related to each other shall be counted
as one individual.  
   (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. 
    (3)     For purposes of this subdivision,
"related" means related  by blood, adoption, marriage, or
registered domestic partnership.  "Professional 
    (4)     "Professional  fiduciary" does
not include any of the following: 
   (1) 
    (A)  A trust company, as defined in Section 83 of the
Probate Code. 
   (2) 
    (B) An FDIC-insured institution, or its holding
companies, subsidiaries, or affiliates. For the purposes of this
 paragraph   subparagraph  , "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) 
    (C)  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. 
   (D)  A person employed by an entity or agency described in
subparagraph (A), (B), or (C) who is acting within the course and
scope of that employment, and a public officer of an agency described
in subparagraph (C) acting in the course and scope of official
duties.  
   (5) 
    (E)  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.