Amends Section 6501 of the Business and Professions Code, relating to professional
fiduciaries.
Existing law, the Professional Fiduciaries Act, provides for the licensure and regulation of professional fiduciaries by the Professional Fiduciaries Bureau within the Department of Consumer Affairs. Existing law defines the term "professional fiduciary" and specifies those entities excluded from that term.
This bill additionally provides that a specified nonprofit corporation or charitable trust meeting certain requirements is not a professional fiduciary subject to the act.