(a)
(1) There is created a State Board of Collection Agencies composed of five (5) members to be appointed by the Governor.
(2) The members shall serve three-year terms without compensation except they may receive expense reimbursement and stipends in accordance with § 25-16-901 et seq.
(b)
(1)
(A) One (1) member shall be appointed by the Governor after consulting the Associated Credit Bureaus of Arkansas, Inc., subject to confirmation by the Senate, and another shall be appointed by the Governor after consulting with the Arkansas Collectors Association, Inc. and subject to confirmation by the Senate.
(B) The persons appointed under subdivision (b)(1)(A) of this section shall:
(i) Be actively engaged as the owners or managers of a collection agency or someone employed by collection agencies in an executive capacity; and
(ii) Have been actively engaged in connection with the operation of a collection agency for five (5) years next preceding their appointment.
(2) One (1) member, who shall not be a member of either such association, shall be selected from the public at large.
(3)
(A) One (1) member shall represent the elderly and shall be sixty (60) years of age or older.
(B) This member shall not be actively engaged in or retired from the operation of a collection agency.
(C) He or she shall be selected from the state at large subject to confirmation by the Senate and shall be a full voting member but shall not participate in the grading of examinations.
(4)
(A) One (1) member shall be selected to represent the banking industry.
(B) He or she shall be an Arkansas resident who is actively engaged in the operation of a banking entity that is chartered to conduct business in the State of Arkansas.
Structure Arkansas Code