This bill amends the existing law regarding the State Banking Board and its authority over personnel classifications and salaries within the Division of Banking. It introduces a new provision that requires the banking board to establish personnel classifications and salaries for the division, ensuring that these classifications and salaries are commensurate with those of other state and federal financial regulators. The bill specifies that the classifications and salaries will not be subject to the existing state personnel classification and compensation provisions, and it mandates that any proposed salary increases must be reported to the joint appropriations committee, including details about the duties and skills required for each position.

Additionally, the bill stipulates that no salary increases or changes to personnel classifications that require additional funding will take effect without the governor's approval. The effective date for this act is set for July 1, 2024. Overall, the legislation aims to provide the Division of Banking with greater flexibility in managing its personnel while ensuring oversight and accountability through required reporting and gubernatorial approval for salary changes.

Statutes affected:
24LSO-0258 v0.3: 13-1-605