1. (1) There is a family education savings program oversight committee under the authority of the board.

2. (2) The committee consists of seven members appointed by the governor to staggered 4-year terms. The members must include:

   1. (a) the commissioner of insurance or the commissioner's designee;
   2. (b) the state treasurer or the state treasurer's designee;
   3. (c) the presiding officer of the board or the presiding officer's designee; and
   4. (d) four members of the general public, each of whom possesses knowledge, skill, and experience in accounting, risk management, or investment management or as an actuary.
3. (3) The committee shall select a presiding officer and a vice presiding officer from among the committee's membership.
4. (4) A majority of the membership constitutes a quorum for the transaction of business. The committee shall meet at least once a year, with additional meetings called by the presiding officer.

5. (5) The committee:

   1. (a) shall recommend financial institutions for approval by the board to act as the managers of family education savings accounts pursuant to 15-62-201; and
   2. (b) may submit proposed policies to the board to assist in the implementation and administration of Title 15, chapter 62.
6. (6) The committee is allocated to the board for administrative purposes only, as prescribed in 2-15-121.
7. (7) Members of the committee must be compensated as provided in 2-15-124.
8. (8) The definitions in 15-62-103 apply to this section.

History: En. Sec. 6, Ch. 540, L. 1997; amd. Sec. 53, Ch. 483, L. 2001; amd. Sec. 7, Ch. 566, L. 2003.