Council of Advisors on Consumer Credit

(1)There is hereby created the Council of Advisors on Consumer Credit consisting of five

(5)members, who shall be appointed by the Governor with the advice and consent of the Legislature. One of the advisors shall be designated by the Governor as Chairman. In appointing members of the Council, the Governor shall seek to achieve a fair representation from the various segments of the consumer credit industry and the public.

(2)The term of office of each member of the Council is four

(4)years. Of those members first appointed, two

(2)shall be appointed for a term of one

(1)year, one

(1)for a term of two

(2)years, one

(1)for a term of three

(3)years, and one

(1)for a term of four

(4)years. A member chosen to fill a vacancy otherwise than by expiration of term shall be appointed for the unexpired term of the member whom he is to succeed. A member of the Council is eligible for reappointment.

(3)Members of the Council shall serve without compensation but are entitled to reimbursement of expenses incurred in the performance of their duties.