{"data":{"id":"us-ky/krs-286.1-013","jurisdiction":"us-ky","citation":"KRS 286.1-013","heading":"Financial Institutions Board -- Duties.","body":"(1) There is created a Financial Institutions Board whose duties shall be to advise the\ncommissioner and the Governor as provided in this section. The board shall consist\nof:\n(a) Twelve (12) voting members appointed by the Governor, who shall serve\nterms of four (4) years; and\n(b) The commissioner as a nonvoting ex officio member, who shall serve as chair\nof the board.\n(2) The voting board member appointments made by the Governor shall consist of:\n(a) Three (3) members selected from the banking industry regulat ed by the\ndepartment with appropriate recognition as to bank size and geographic\ndiversity;\n(b) Three (3) members selected from the securities industry regulated by the\ndepartment;\n(c) One (1) member selected from the credit union industry regulated by the\ndepartment;\n(d) One (1) member selected from the consumer finance industry regulated by the\ndepartment;\n(e) One (1) member selected from an industry regulated by the department that is\nnot represented in another capacity on the board; and\n(f) Three (3) me mbers selected from the public at large who are residents of\nKentucky and knowledgeable concerning financial institutions, the legislative\nprocess, and consumer interests, two (2) of whom are not employees, officers,\nor directors of any financial institution.\n(3) All members of the board from an industry regulated by the department shall be\npersons:\n(a) With practical experience in the industry so represented; and\n(b) Currently serving at the executive level of that industry at the time of their\nappointment.\n(4) (a) Vacancies in the membership of the board shall be filled in the same manner\nas original appointments.\n(b) Appointments to fill vacancies occurring before th e expiration of a term shall\nbe for the remainder of the unexpired term.\n(5) No member of the board, other than the commissioner, shall serve more than two\n(2) consecutive terms on the board.\n(6) (a) The board shall meet at the call of the Governor or chai r, at a time and place\ndetermined by the Governor or chair.\n(b) The board may elect other officers for the conduct of its business.\n(c) A majority of voting board members shall constitute a quorum.\n(d) If a quorum is present, a decision of the board shall require the majority vote\nof those present.\n(e) Each voting board member shall have one (1) vote, and voting by proxy is\nprohibited.\n(7) Voting board members shall:\n(a) Receive one hundred dollars ($100) per diem for each board meeting they\nattend; and\n(b) Be reimbursed for other reasonable and necessary expenses incurred while\nengaged in carrying out the duties of the board.\n(8) The board shall:\n(a) Prepare and submit, at the Governor's request, the following\nrecommendations:\n1. A list of candidates qualified to serve as commissioner;\n2. A proposed salary for each nomination for commissioner; and\n3. A proposed salary structure for other department staff in order to\nprovide competitive salaries for recruitment and retention of staff;\n(b) Receive and comment on various reports relating to the department and its\nactivities as submitted to the board by the commissioner or the Governor; and\n(c) Review, consider, and make recommendations to the commissioner on any\nmatters referred to the board by the commissioner or the Governor.\n(9) In no event shall the board or its members interfere with the statutory duties of the\ncommissioner, whose decisions shall be governed by law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55133","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:35Z","sha256":"443710744d8a33960b540815b6ffe59151a63c976f623f6c90423f6f9bc889b4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.1-012","next":"us-ky/krs-286.1-020"},"notice":"GroundRules: Original legal text. Not legal advice."}