Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) A person
applying for a license as a professional fiduciary shall submit an application
for licensure to the Bureau and pay the application fee required in Section
4580.
(b) An application for licensure shall
require the applicant to meet the qualifications of Section
6533
of the Business and Professions Code and, in addition, provide the following
information:
(1) For a determination of
compliance with the education requirements under subdivision (f) of Section
6533, if applicable, the applicant shall provide the names of the universities
or colleges, the dates of graduation, and the applicable degrees
awarded.
(2) For a determination of
compliance with the experience requirements under subdivision (f) of Section
6533, if applicable, the applicant shall provide information regarding the
qualifying substantive fiduciary responsibilities, including type and dates of
experience, and contact information for three references, and shall provide
consent for the Bureau to contact the references for verification of specified
experience.
(3) The applicant's
physical business address, telephone number, and facsimile number.
(4) The applicant's designated address of
record for public information.
(5)
A list of any license or professional certificate ever held by the applicant,
including information regarding the type, state/country, license or certificate
number, date issued, status, and whether the license or certificate has been
subject to disciplinary action, including revocation or suspension. The
applicant may attach a statement of explanation.
(6) Whether the applicant has filed for
bankruptcy within the last ten (10) years or held a controlling financial
interest in a business when that business filed for bankruptcy within the last
ten (10) years, as required by paragraph (7) of subdivision (a) of Section
6534, and the date of the bankruptcy filing. The applicant may attach a
statement of explanation.
(7)
Whether the applicant has ever been convicted of a crime. The applicant may
attach a statement of explanation.
(8) Whether the applicant has ever been found
by a court to have breached a fiduciary duty, the date, case name, court
location, and case number associated with each breach of fiduciary duty. The
applicant shall submit a record of the court findings and orders related to
each specific case. The applicant may file an additional statement of the
issues and facts pertaining to each case.
(9) Whether the applicant has ever been
removed as a fiduciary by a court for breach of trust, the date, case name,
court location, and case number associated with each removal. Whether all
related appeals have been taken or the time to file an appeal has expired. The
applicant shall submit a record of the court findings and orders related to
each specific case. The applicant may file an additional statement of the
issues and facts pertaining to each case.
(10) Whether the applicant has ever resigned
as a fiduciary in a matter in which a complaint has been filed with the court,
the date the complaint was filed, the date of the resignation, case name, court
location, and case number associated with each resignation, and a statement of
the issues and facts pertaining to each allegation. The applicant shall submit
a record of the court findings and orders related to each specific
case.
(11) Whether the applicant
has ever settled as a fiduciary in a matter in which a complaint has been filed
with the court, the date the complaint was filed, the date of the settlement,
case name, court location, and case number associated with each settlement, and
a statement of the issues and facts pertaining to each allegation. The
applicant shall submit a record of the court findings and orders related to
each specific case.
(c)
As used in this section "complaint" means a civil complaint, a petition,
motion, objection, or other pleading filed with the court against the applicant
alleging the applicant has not properly performed the duties of a
fiduciary.
1. New section
filed 11-26-2007 as an emergency; operative 11-26-2007 (Register 2007, No. 48).
A Certificate of Compliance must be transmitted to OAL by 5-27-2008 or
emergency language will be repealed by operation of law on the following
day.
2. Certificate of Compliance as to 11-26-2007 order, including
amendment of subsections (b)(5)-(7) and (b)(10)-(11) and new subsection (c),
transmitted to OAL 5-28-2008 and filed 6-16-2008 (Register 2008, No.
25).
3. Amendment of subsection (c) filed 5-17-2012; operative
6-16-2012 (Register 2012, No. 20).
4. Change without regulatory
effect amending subsections (b)(1) and (b)(2) filed 3-19-2018 pursuant to
section 100, title 1, California Code of
Regulations (Register 2018, No. 12).
5. Change without regulatory
effect amending NOTE filed 3-29-2021 pursuant to section
100, title 1, California Code of
Regulations (Register 2021, No. 14). (Filing deadline specified in Government
Code section
11349.3(a)
extended 60 calendar days pursuant to Executive Order
N-40-20.)
Note: Authority cited: Section
6517,
Business and Professions Code. Reference: Sections
115.4,
115.5,
135.4,
141,
480,
481,
490,
6533,
6534,
6536,
6538,
6539
and
6561,
Business and Professions Code.
