* § 205-b. State charter advisory board. There shall be within the department a state charter advisory board to work with the superintendent in retaining state chartered banking institutions, encouraging federally chartered institutions to convert to a state charter and promoting the state banking system. There shall be nine members of the advisory board who shall be appointed by the superintendent. The membership shall consist of: (a) one representative of credit unions, (b) one representative of consumers, (c) one representative of foreign banks; and (d) representatives of banks which, to the extent practicable, reflect a range of size and geographical location, provided, however, that at least one shall represent institutions of more than three billion dollars in assets; at least two shall represent institutions of less than five hundred million dollars in assets. The superintendent shall make rules to govern the method by which state chartered institutions may nominate persons to the board and the process for selecting such members, provided that the representative of consumers shall be selected by the superintendent. The term of each member of such advisory board shall be three years, or until a successor is appointed and vacancies shall be filled for the unexpired term only. The board shall meet at least three times annually pursuant to the call of the superintendent. Such meetings may be held by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. The members of the advisory board shall receive no compensation nor reimbursement for expenses. The advisory board may:

(1) consider and recommend ways to maintain the state charter as a viable and attractive option, including bringing to the superintendent's attention issues of concern to state chartered banking institutions;

(2) consider and recommend ways to encourage banking institutions to offer a diversity of financial products and services throughout the state;

(3) recommend to the superintendent the establishment of such laws as may be deemed necessary, and the amendment or repeal thereof;

(4) recommend to the superintendent the promulgation of rules and regulations not inconsistent with the law, as may be deemed necessary, and the amendment or repeal thereof; and

(5) report within thirty days after receipt, on any proposed regulations, amendments thereto, or repeal thereof, prior to final action thereon by the superintendent.

The advisory board shall have no executive, administrative or appointive powers or duties.

The superintendent shall make an annual report no later than thirty days after the end of each year to the temporary president of the senate and the speaker of the assembly, which shall include a summary of the topics discussed at state charter advisory board meetings during such year, and any legislative recommendations related to the topics raised at such meetings or made by any member of the state charter advisory board.

* NB Repealed October 3, 2026