Cal. Code Regs. tit. 16 § 4521

Current through Register 2024 Notice Reg. No. 49, December 6, 2024

Section 4521 - Criteria to Aid in Determining if Felony Financial Crimes Are Directly and Adversely Related to Fiduciary Qualifications, Functions, or Duties of a Licensee

For the purposes of Section 480, subdivision (a)(1)(B)(ii) of the Business and Professions Code, a financial crime that is classified as a felony, including felony conspiracy or felony attempt to commit that crime, shall be considered to be directly and adversely related to the fiduciary qualifications, functions, or duties of a professional fiduciary if it involves dishonesty, fraud, deceit, or theft that resulted in or could have resulted in either:

(i) direct financial benefit to the applicant or another person, estate, or trust, or

(ii) direct financial harm to another person, estate, or trust. Financial crimes that are directly and adversely related to the fiduciary qualifications, functions, or duties of a professional fiduciary shall include, but are not limited to, the following:

(a) Crimes involving the acquisition or provision of false, altered, forged, counterfeit, or fraudulent statements or documents.

(b) Crimes involving stolen property, embezzlement, money laundering, fraud, theft, grand theft, larceny, burglary, identity theft, or obtaining money, labor, or property under false pretenses.

Cal. Code Regs. Tit. 16, § 4521

1. New section filed 2-1-2021; operative 2-1-2021 pursuant to Government Code section 11343.4(b)(3) (Register 2021, No. 6). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.

Note: Authority cited: Sections 480 and 6517, Business and Professions Code. Reference: Sections 480, 481, 492, 6536 and 6537, Business and Professions Code.