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Professional Fiduciaries Bureau
In 2006, the California Legislature passed and the Governor signed Senate Bill 1550 creating the Professional Fiduciaries Bureau to license and regulate private fiduciaries including conservators, guardians, trustees, and agents under durable powers of attorney as defined in the Professional Fiduciaries Act (Business and Professional Code Section 6500). Attorneys, Certified Public Accountants, and Enrolled Agents are exempt from licensing. Senate Bill 1550 required any person in California representing himself or herself as a professional fiduciary under the Act to be licensed by July 1, 2008. The Act was amended by Senate Bill 1047 in 2007 to extend the licensing deadline to January 1, 2009, but, it still prohibits a court from appointing a person on or after July 1, 2008 to carry out the duties of a professional fiduciary unless the person holds a valid license.
For licensing, applicants will be required to provide information including business and home contact information and disclosure of conviction, bankruptcy, and breaches of fiduciary duties, complete thirty (30) hours of pre-licensing education, submit fingerprints to the Department of Justice for a criminal background check, consent to a credit check for the application review process, agree to adhere to the Professional Fiduciaries Code of Ethics, sign an affidavit under penalty of perjury. Ongoing continuing education and detailed reporting will be required for annual license renewal.
(Source: www.fiduciary.ca.gov)
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