Professional fiduciaries.

(1) Under the Professional Fiduciaries Act, the Professional Fiduciaries Bureau, until January 1, 2015, licenses and regulates professional fiduciaries. The act prohibits a professional fiduciary from operating with an expired, suspended, or revoked license. This bill would also prohibit a professional fiduciary from operating with a retired or canceled license. The bill would provide that a license that is not renewed within 3 years following its expiration shall not be renewed, restored, or reinstated, and would require the license to be canceled immediately upon expiration of the 3-year period. The bill would authorize the bureau to establish by regulation a system for the placement of a license into retired status, as specified, for a professional fiduciary who is not actively engaged in the practice of a professional fiduciary or any activity that requires him or her to be licensed by the bureau. (2) The act authorizes the bureau, upon its own, and requires the bureau, upon the receipt of a complaint from any person, to investigate the actions of any professional fiduciary. This bill would expand the bureau's authority and obligation to investigate a person who holds a license that either restricts or prohibits that person from practicing as a professional fiduciary, including, but not limited to, a license that is retired, inactive, canceled, or suspended. (3) Under the act, the bureau sets licensing and renewal licensing fees by regulation at an amount necessary to recover the costs to the bureau in carrying out the provisions of the act, and all fees collected are paid into the Professional Fiduciary Fund. This bill would require the bureau to set fees to designate a license status of retired or inactive, or to reinstate a license to active from retired or inactive status. The bill would require the bureau to set those fees by regulation at amounts necessary to recover the reasonable costs of the bureau in carrying out those functions.