UNOFFICIAL COPY 23 RS BR 1180
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AN ACT relating to the State Treasury. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
SECTION 1. A NEW SECTION OF KRS CHAPTER 41 IS CREATED TO 3
READ AS FOLLOWS: 4
The Treasurer may promulgate administrative regulations in accordance with KRS 5
Chapter 13A to carry out the provisions of this chapter. 6
Section 2. KRS 41.450 is amended to read as follows: 7
(1) As used in KRS 41.450 to 41.465: 8
(a) "Board" means the board of directors of the commission; and 9
(b) "Commission" means the Kentucky Financial Empowerment Commission. 10
(2) The commission is created for the public good on behalf of the Commonwealth of 11
Kentucky and established as an independent de jure municipal corporation and 12
political subdivision of the Commonwealth of Kentucky to perform essential 13
governmental and public functions for the purposes set forth in KRS 41.450 to 14
41.465. 15
(3) The commission shall be governed by a board consisting of eleven (11) members as 16
follows: 17
(a) The State Treasurer or the Treasurer's designee; 18
(b) The commissioner of the Kentucky Department of Education or his or her 19
designee; 20
(c) The commissioner of the Department of Financial Institutions or his or her 21
designee; 22
(d) A representative from the Federal Reserve Bank of St. Louis and a 23
representative from the Federal Reserve Bank of Cleveland to serve 24
alternating terms[– Louisville Branch]; 25
(e) A representative from the Kentucky Credit Union League; 26
(f) A representative from the Kentucky Bankers Association; and 27 UNOFFICIAL COPY 23 RS BR 1180
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(g) Five (5) members appointed by the State Treasurer. 1
(4) (a) Members of the board not representing state agencies shall be appointed for a 2
term of three (3) years. 3
(b) Members of the board not representing state agencies shall serve no more than 4
two (2) consecutive three (3) year terms. 5
(c) Members of the board shall serve until their successors are appointed or until 6
they are removed for cause. 7
(5) For initial appointments of the five (5) members appointed by the State Treasurer to 8
the board, two (2) members shall be appointed for a term of four (4) years each, and 9
three (3) members shall be appointed for terms of three (3) years each. 10
(6) If a vacancy of one (1) of the five (5) members appointed to the board by the State 11
Treasurer occurs, the State Treasurer shall appoint a replacement who shall hold 12
office during the remainder of the term vacated. 13
(7) (a) The State Treasurer may remove any of the five (5) members appointed by the 14
State Treasurer in case of incompetency, neglect of duties, gross immorality, 15
or malfeasance in office, and may upon removal declare the position vacant 16
and appoint a person to fill the vacancy as provided in other cases of vacancy. 17
(b) 1. If a board member is removed under paragraph (a) of this subsection, he 18
or she may appeal that action. 19
2. Upon appeal, an administrative hearing shall be conducted in 20
accordance with KRS Chapter 13B. 21