(a)

1. (1) The Arkansas Financial Education Commission shall be administered by a board of directors.
2. (2) The board consists of nine (9) members.

3. (3) Members consist of:

   1. (A) The Treasurer of State or his or her designee, who shall serve as the chair;
   2. (B) The Commissioner of Elementary and Secondary Education or his or her designee;
   3. (C) The Securities Commissioner or his or her designee;
   4. (D) The Bank Commissioner or his or her designee;
   5. (E) One (1) member who is designated by the Arkansas Bankers Association;
   6. (F) One (1) member who is a member of a federally charted credit union doing business in this state, appointed by the Treasurer of State; and
   7. (G) Three (3) members who have various financial backgrounds, appointed by the Treasurer of State.

(e) Other leadership positions shall be selected by majority vote:

1. (1) One (1) member to serve as vice chair;
2. (2) One (1) member to serve as secretary; and
3. (3) One (1) member to serve as treasurer.