7-1-203 - Board of Financial Institutions.
7-1-203. Board of Financial Institutions.
(1) There is created a Board of Financial Institutions consisting of the commissioner andthe following five members, who shall be qualified by training and experience in their respectivefields and shall be appointed by the governor with the consent of the Senate:
(a) one representative from the commercial banking business;
(b) one representative from the savings and loan, consumer lending, mortgage brokerage,or escrow agency business;
(c) one representative from the industrial bank business;
(d) one representative from the credit union business; and
(e) one representative of the general public who, as a result of education, training,experience, or interest, is well qualified to consider economic and financial issues and data asthey may affect the public interest in the soundness of the financial systems of this state.
(2) The commissioner shall act as chair.
(3) (a) All members of the board shall be residents of this state.
(b) No more than three members of the board may be from the same political party.
(c) No more than two members of the board may be connected with the same financialinstitution or its holding company.
(d) A member may not participate in any matter involving any institution with which themember has a conflict of interest.
(4) (a) Except as required by Subsection (4)(b), the terms of office shall be four yearseach expiring on July 1.
(b) Notwithstanding the requirements of Subsection (4)(a), the governor shall, at the timeof appointment or reappointment, adjust the length of terms to ensure that the terms of boardmembers are staggered so that approximately half of the board is appointed every two years.
(c) All members serve until their respective successors are appointed and qualified.
(d) When a vacancy occurs in the membership for any reason, the replacement shall beappointed for the unexpired term.
(5) (a) The board shall meet at least quarterly on a date it sets.
(b) The commissioner or any two members of the board may call additional meetings.
(c) Four members constitute a quorum for the transaction of business.
(d) Actions of the board require a vote of a majority of those present.
(e) Meetings of the board and records of its proceedings are subject to Title 52, Chapter4, Open and Public Meetings Act, except for discussion of confidential information pertaining toa particular financial institution.
(6) (a) Each member of the board shall, by sworn or written statement filed with thecommissioner, disclose any position of employment or ownership interest that the member haswith respect to any institution subject to the jurisdiction of the department.
(b) The member shall:
(i) file the statement required by this Subsection (6) when first appointed to the board;and
(ii) subsequently file amendments to the statement if there is any material change in thematters covered by the statement.
(7) A member may not receive compensation or benefits for the member's service, butmay receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and63A-3-107.
(8) The board shall advise the commissioner with respect to:
(a) the exercise of the commissioner's duties, powers, and responsibilities under this title;and
(b) the organization and performance of the department and its employees.
(9) The board shall recommend annually to the governor and the Legislature a budget forthe requirements of the department in carrying out its duties, functions, and responsibilities underthis title.
Amended by Chapter 286, 2010 General Session