(1) There is established the Historic Preservation Revolving Loan Fund Review Committee, consisting of three members appointed by the State Historic Preservation Officer and representing each of the following interests:

(a) The interests of the Housing and Community Services Department;

(b) The interests of the State Historic Preservation Officer; and

(c) The interests of banks and other financial institutions.

(2) The review committee shall review applications for loans from the Historic Preservation Revolving Loan Fund, make recommendations for loan approval or disapproval to the State Historic Preservation Officer and establish interest rates to be charged for the loans.

(3) The term of office of each member of the review committee is four years, but a member serves at the pleasure of the State Historic Preservation Officer. Before the expiration of the term of a member, the State Historic Preservation Officer shall appoint a successor whose term begins on the July 1 next following. A member is eligible for reappointment. If there is a vacancy for any cause, the State Historic Preservation Officer shall make an appointment to become immediately effective for the unexpired term.

(4) Successor appointments to the review committee shall be based on representation of interests of the Housing and Community Services Department, the State Historic Preservation Officer and banks and other financial institutions.

(5) A majority of the members of the review committee constitutes a quorum for the transaction of business.

(6) A member of the review committee shall serve without compensation.

(7) The review committee shall meet at least once per year. [2001 c.540 § 31]