Sec. 3. (a) The ultimate authority for and the powers, duties, management, and control of the department are vested in the following seven (7) members:

(1) The director of the department, who serves as an ex officio, voting member.

(2) The following six (6) members appointed by the governor as follows:

(A) Three (3) members must have practical experience at the executive level of a:

(i) state chartered bank;

(ii) state chartered savings association; or

(iii) state chartered savings bank.

(B) One (1) member must have practical experience at the executive level as a:

(i) lender licensed under IC 24-4.5;

(ii) mortgage lender licensed under IC 24-4.4;

(iii) registrant under IC 24-7;

(iv) licensee under IC 28-1-29;

(v) licensee under IC 28-7-5;

(vi) licensee under IC 28-8-4.1; or

(vii) licensee under IC 28-8-5.

(C) One (1) member must have practical experience at the executive level of a state chartered credit union.

(D) One (1) member must be appointed with due regard for the consumer, agricultural, industrial, and commercial interests of Indiana.

     (b) Not more than three (3) members appointed by the governor under subsection (a)(2) after June 30, 2006, may be affiliated with the same political party.

As added by P.L.33-1991, SEC.56. Amended by P.L.262-1995, SEC.73; P.L.79-1998, SEC.85; P.L.10-2006, SEC.68 and P.L.57-2006, SEC.68; P.L.213-2007, SEC.92; P.L.217-2007, SEC.90; P.L.159-2017, SEC.53; P.L.198-2023, SEC.5.