The bill amends the composition and meeting requirements of the Arkansas Financial Education Commission's board of directors. Specifically, the number of board members is reduced from nine to eight. The board will continue to include key state officials such as the Treasurer of State and the Commissioner of Elementary and Secondary Education, while the position of the Securities Commissioner is removed from the board's membership. Additionally, the bill maintains the requirement for the board to include members with diverse financial backgrounds, ensuring representation of a female and a racial minority among the appointed members.

Furthermore, the bill modifies the meeting frequency of the board, changing the requirement from holding one meeting in the spring and one in the fall to a more flexible schedule of at least two meetings per year at the call of the chair. This change aims to provide the board with greater flexibility in scheduling meetings to address financial education matters effectively.

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)