County of Los Angeles Department of Consumer Affairs New Consumer Laws 2007

Fiduciaries And Conservators: They Are Now Required To Be Licensed And Meet New Regulations, Educational, And Experience Requirements

B&P Code Section 6500 et al, Probate Code
Sections 60.1 et al, 2340 et al, and 2850 et al

A “professional fiduciary” is a conservator or guardian for two or more persons not related to each other or to the fiduciary. Fiduciaries receive court appointments to run the lives of adults who because of age or illness have lost the ability to live independently. Licensed brokers, securities dealers, financial institutions, public conservators, public guardians, licensed attorneys, and certified public accountants are exempt.

The law did not use to require fiduciaries to be licensed, nor meet educational, experience, or regulatory requirements.

This new law requires fiduciaries to be licensed and pass education and experience requirements, a criminal background check, and an exam. This law also creates a new Bureau of Professional Fiduciaries in the California Department of Consumer Affairs by July 1, 2008, which will enforce the law.

For more information:
County of Los Angeles Department of Consumer Affairs
B-96 Kenneth Hahn Hall of Administration
500 W. Temple Street * Los Angeles, CA 90012-2706
Telephone (800) 593-8222 (within the County) * (213) 974-1452
web site: dca.lacounty.gov