1349.71 Consumer finance education board.

(A) There is hereby created a consumer finance education board, consisting of twelve members, appointed jointly by the governor, the speaker of the house of representatives, and the president of the senate with the advice and consent of the house and senate. One member shall be appointed from, or as a representative of, each of the following:

(1) The Ohio attorney general’s office;

(2) The department of commerce;

(3) The Ohio housing finance agency;

(4) Ohio minority advocacy groups;

(5) The Ohio bankers league;

(6) The Ohio mortgage bankers association;

(7) The Ohio credit union league;

(8) Ohio community bankers association;

(9) The Ohio real estate industry;

(10) The Ohio mortgage brokers association;

(11) The financial services industry;

(12) Consumer advocacy organizations.

(B) Geographically diverse representation of the state shall be considered in making appointments. Of the initial appointments to the board, four shall be for a term ending December 31, 2008, four shall be for a term ending December 31, 2009, and four shall be for a term ending December 31, 2010. Thereafter, terms of office are for three years, commencing on the first day of January and ending on the thirty-first day of December. Each member shall hold office from the date of the member’s appointment until the end of the term for which the member is appointed. Prior to assuming the duties of office, each member shall subscribe to, and file with the secretary of state, the constitutional oath of office. Vacancies that occur on the board shall be filled in the manner prescribed for regular appointments to the board. A member appointed to fill a vacancy occurring prior to the expiration of the term for which the member’s predecessor was appointed shall hold office for the remainder of that predecessor’s term. A member shall continue in office subsequent to the expiration date of the member’s term until the member’s successor takes office or until sixty days have elapsed, whichever occurs first. No person shall serve as a member of the board for more than two consecutive terms. The governor may remove a member pursuant to section 3.04 of the Revised Code.

(C) Annually, upon the qualification of the members appointed in that year, the board shall organize by selecting from its members a chairperson. The board shall meet at least once each calendar quarter to conduct its business with the place of future meetings to be decided by a vote of its members. Each member shall be provided with written notice of the time and place of each board meeting at least ten days prior to the scheduled date of the meeting. A majority of the members of the board constitutes a quorum to transact and vote on all business coming before the board.

(D)(1) The governor shall call the first meeting of the consumer finance education board. At that meeting, and annually thereafter, the board shall elect a chairperson for a one-year term and may elect members to other positions on the board as the board considers necessary or appropriate.

(2) Each member of the board shall receive an amount fixed pursuant to division (J) of section 124.15 of the Revised Code for each day employed in the discharge of the member’s official duties, and the member’s actual and necessary expenses incurred in the discharge of those duties.

(E) The board may obtain services from any state agency including but not limited to the department of commerce or its successor agency.

(F) The board shall assemble an advisory committee of representatives from the following organizations or groups for the purpose of receiving recommendations on policy, rules, and activities of the board:

(1) The department of aging;

(2) The department of rehabilitation and correction;

(3) The department of development;

(4) The department of job and family services;

(5) The Ohio treasurer of state’s office;

(6) The county treasurers association of Ohio;

(7) Ohio college professors;

(8) Ohio university professors;

(9) The Ohio board of regents;

(10) The Ohio community development corporations association;

(11) The Ohio council for economic education;

(12) The Ohio state university extension service.

Effective Date: 01-01-2007