The bill amends the Arkansas Financial Education Commission by modifying the composition and meeting requirements of its board of directors. Specifically, the number of board members is reduced from nine to eight. The board will continue to include the Treasurer of State as chair, the Commissioner of Elementary and Secondary Education, the Bank Commissioner, and representatives from the Arkansas Bankers Association and federally chartered credit unions. Additionally, the bill stipulates that three members with diverse financial backgrounds must be appointed by the Treasurer, ensuring representation of a female and a racial minority among them.

Furthermore, the bill changes the meeting frequency of the board from a minimum of one meeting in the spring and one in the fall to at least two meetings per year, which will be scheduled at the discretion of the chair. This amendment aims to provide greater flexibility in the board's operations while maintaining a commitment to regular meetings.

Statutes affected:
Old version SB373 V2 - 3-18-2025 02:59 PM: 6-1-703(b), 6-1-703(c)
Old version SB373 Original - 3-4-2025 01:41 PM: 6-1-703(b), 6-1-703(c)
SB 373: 6-1-703(b), 6-1-703(c)