§ 19-1-2 Board of bank incorporation. (a) There is hereby authorized, created and established within the department of business regulation a five (5) member board of bank incorporation, (hereinafter the "board"), all of whom shall be voting members and serve without compensation. Three (3) who serve as ex-officio shall be the director of the department of business regulation (hereinafter the "director") or his or her designee, the general treasurer or his or her designee, and the attorney general or his or her designee. The other two (2) members of the board shall be members of the general public qualified by training or experience in the fields of finance or banking, appointed by the governor with the advice and consent of the senate. In appointing public members pursuant to this section, the governor shall solicit and give due consideration of the recommendations of the general treasurer with respect thereto. The designee of a member serving as ex-officio shall be a subordinate from within the department of the ex-officio member and shall represent him or her at all meetings of the board. No one shall be eligible for public appointment unless he or she is a resident of this state. The board shall elect a chair and may elect from among its own members such other officers as they deem necessary.
(ii) The board is a public policy appellate board established to consider appeals from a decision of the director or the director's designee concerning major banking matters which affect the citizens and tax base of the state and to exercise the powers and perform the duties conferred or imposed upon it by this title.
(iii) Newly appointed and qualified public members and designees of ex-officio members shall, within six (6) months of their qualification or designation, attend a training course that shall be developed with board approval and conducted by the director or his or her designee and shall include instruction in the provisions of chapters 19-1, 42-46, 36-14, and 38-2 of Rhode Island general laws; and the board's rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act, prepare and disseminate training materials relating to the provisions of chapters 42-46, 36-14 and 38-2.
(iv) Public members of the board shall be removable by the appointing authority for cause only, and removal solely for partisan or personal reasons unrelated to capacity or fitness for the office shall be unlawful.
(v) Three (3) members of the board of bank incorporation shall constitute a quorum for the transaction of business. A majority vote of those present shall be required for action. No vacancy in the membership of the board shall impair the right of a quorum to exercise all of the rights and perform all of the duties of the board. Any vacancy which may occur in the board shall be filled by the governor with the advice and consent of the senate, for the remainder of the unexpired term in the same manner as the member's predecessor as prescribed in this section.
(vi) Those members of the board as of the effective date of this act who are members of the general assembly shall cease to be members of the board on the effective date of this act, and the governor shall thereupon nominate one new member who shall serve an initial term of three (3) years and one new member who shall serve an initial term of four (4) years. Thereafter, all appointed members of the board shall be appointed to terms of four (4) years and be eligible for reappointment.
(b) The board of bank incorporation may adopt, and amend from time to time, rules and regulations for the orderly conduct of its affairs and for the administration of its duties pursuant to this title. The board of bank incorporation shall collect a filing fee with respect to applications submitted to it. All fees pursuant to this section shall be paid to the director, to and for the use of the board of bank incorporation. The fees to be charged for each type of application shall be established annually at the board of bank incorporation's first public hearing. The board of bank incorporation shall publish notice of its proposed fee structure at least once a week for three (3) successive weeks in a newspaper of general circulation.
(ii) Within ninety (90) days after the end of each fiscal
year during which the board has conducted business, the board shall approve and
submit an annual report to the governor, the speaker of the house of
representatives, the president of the senate, and the secretary of state of its
activities during that fiscal year. The report shall provide: an operating
statement summarizing meetings or hearings held, meeting minutes if requested,
subjects addressed, decisions rendered, rules or regulations promulgated,
studies conducted, policies and plans developed, approved, or modified, and
programs administered or initiated; a consolidated financial statement of all
funds received and expended including the source of the funds, a listing of any
staff supported by these funds, and a summary of any clerical, administrative
or technical support received; a summary of performance during the previous
fiscal year including accomplishments, shortcomings and remedies; a synopsis of
hearings, complaints, suspensions, or other legal matters related to the
authority of the board; a summary of any training courses held pursuant to
subsection 19-1-2(a)(iv); a briefing on anticipated activities in the upcoming
fiscal year; and findings and recommendations for improvements. The report
shall be posted electronically on the general assembly and the secretary of
state's websites as prescribed in § 42-20-8.2 of the Rhode Island general
laws. The director of the department of administration shall be responsible for
the enforcement of this provision.
(P.L. 1995, ch. 82, § 38; P.L. 2001, ch. 180, § 20; P.L. 2006, ch. 332, § 1; P.L. 2006, ch. 435, § 1.)