Arkansas Code of 1987 (2023) › Title 6 - EDUCATION (§§ 6-1-101 — 6-87-104) › Subtitle 1 - GENERAL PROVISIONS (§§ 6-1-101 — 6-5-1204) › Chapter 1 - GENERAL PROVISIONS (§§ 6-1-101 — 6-1-706) › Subchapter 7 - ARKANSAS FINANCIAL EDUCATION COMMISSION (§§ 6-1-701 — 6-1-706) › Section 6-1-703 - Arkansas Financial Education Commission - Creation - Members - Powers

(a)
There is established the Arkansas Financial Education Commission.
(b)
(1)
The commission shall be administered by a board of directors.
(2)
(A)
The board shall consist of nine (9) members.
(B)
Members of the board shall consist of:
(i)
The Treasurer of State or his or her designee, who shall serve as chair;
(ii)
The Commissioner of Elementary and Secondary Education or his or her designee;
(iii)
The Securities Commissioner or his or her designee;
(iv)
The Bank Commissioner or his or her designee;
(v)
One (1) member who is designated by the Arkansas Bankers Association;
(vi)
One (1) member who is a member of a federally chartered credit union doing business in this state, appointed by the Treasurer of State; and
(vii)
Three (3) members who have various financial backgrounds, one (1) member of the three (3) to be a female, one (1) member of the three (3) to be a racial minority, appointed by the Treasurer of State.
(3)
(A)
Members shall serve for two-year terms.
(B)
A vacancy shall be filled by appointment by the Treasurer of State for the unexpired term.
(C)
New members shall be appointed every two (2) years.
(D)
Members may be reappointed.
(4)
Members shall select by majority vote:
(A)
One (1) member to serve as vice chair;
(B)
One (1) member to serve as secretary; and
(C)
One (1) member to serve as treasurer.
(5)
(A)
Members shall serve without compensation.
(B)
Members may receive compensation for travel and personal expenses made on behalf of the board if funds are appropriated for expense reimbursement according to §
25-16-902
.
(c)
(1)
The chair shall call the first meeting of the board.
(2)
A majority of the membership shall constitute a quorum.
(3)
A majority vote of those members present shall be required for any action of the board.
(4)
(A)
The board shall meet at least two (2) times a year, one (1) meeting to be held in the spring and one (1) meeting to be held in the fall, at the call of the chair.
(B)
The board shall meet in Little Rock, Arkansas.
(C)
All meetings shall be recorded and made available to the public to ensure transparency.
(d)
The board may:
(1)
Incorporate the commission as a nonprofit corporation under the Arkansas Nonprofit Corporation Act of 1993, §
4-33-101
et seq., and after incorporation as a nonprofit corporation, apply for tax-exempt status under
26 U.S.C. § 501(c)(3)
, as it existed on January 1, 2021;
(2)
Have all the rights and powers of a nonprofit corporation under federal and state law upon incorporation as a nonprofit corporation;
(3)
Request information from any state agency or political subdivision of the state that receives state funds to enable the commission to perform the duties required by this subchapter;
(4)
Enter into mutual agreements with any state agency, local government, subdivision of the state or local government, or any for-profit or nonprofit entity to:
(A)
Allow the commission to use any facility within the control or jurisdiction of the entity; or
(B)
Render any services by an entity to the commission or by the commission to the entity if the services are for or in connection with the commission's activities;
(5)
Make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise and discharge of the powers and duties of the board;
(6)
Contract for services necessary for the management and operation of the commission and for the development, management, and implementation of the financial literacy educational plans and programs described under this subchapter;
(7)
Contract with consultants as necessary to carry out the responsibilities under this subchapter;
(8)
Promote, advertise, and publicize the activities of the commission; and
(9)
Coordinate and promote financial literacy education efforts at the state and local level, including promoting partnerships among state and local governments, nonprofit organizations including the commission, and private entities.
(e)
The commission is part of the Treasurer of State and shall use the staff of the Treasurer of State.
Added by Act 2021, No. 1025,§ 1, eff. 7/28/2021.