The bill amends the composition and meeting requirements of the Arkansas Financial Education Commission. Specifically, it reduces the number of board members from nine to eight. The board will now include the Treasurer of State (or their designee) as chair, the Commissioner of Elementary and Secondary Education (or their designee), the Bank Commissioner (or their designee), a member designated by the Arkansas Bankers Association, a member from a federally chartered credit union, and three members with diverse financial backgrounds, including one female and one racial minority, all appointed by the Treasurer of State.

Additionally, the bill modifies the meeting frequency of the board. It stipulates that the board must meet at least twice a year, removing the previous requirement for one meeting to be held in the spring and one in the fall, allowing for more flexibility in scheduling meetings at the chair's discretion.

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