Section 201 – State Finance Review Commission.

Effective 5/4/2022
63C-25-201. State Finance Review Commission.

• (1) There is created the State Finance Review Commission.

• (2) The commission shall:
  • (a) as described in this part, approve, review, make recommendations, and monitor borrowing and lending practices and activities; and
  • (b) exercise the powers and perform other duties prescribed for the commission by statute.

• (3) The commission shall consist of:
  • (a) seven voting members as follows:
    • (i) the state treasurer;
    • (ii) the state auditor or the auditor’s designee;
    • (iii) the attorney general or the attorney general’s designee;
    • (iv) the director of the Division of Finance or the director’s designee;
    • (v) the director of the Governor’s Office of Planning and Budget or the director’s designee; and
    • (vi) two individuals with a background in debt management, finance, or other similar expertise who are:
      • (A) after consultation with the state treasurer, appointed by the governor; and
      • (B) confirmed by the Senate; and
  • (b) the state’s financial advisor described in Section 67-4-16, who is a nonvoting member.

• (4)
  • (a) Each position described in Subsection (3)(a)(vi) is for a term of four years.
  • (b) When a position described in Subsection (3)(a)(vi) is vacant for any reason, the governor shall appoint the replacement, with confirmation of the Senate, for the remainder of the unexpired term.

• (5) The state treasurer shall serve as chair of the commission.

• (6) A majority of the commission members constitute a quorum and may act on behalf of the commission.

• (7) The commission shall meet as necessary to effectively conduct the commission’s business and duties as prescribed by statute.

• (8)
  • (a) A commission member may not receive compensation or benefits for the commission member’s service.
  • (b) A commission member may receive per diem and travel expenses in accordance with:
    • (i) Section 63A-3-106;
    • (ii) Section 63A-3-107; and
    • (iii) rules made by the Division of Finance in accordance with Sections 63A-3-106 and 63A-3-107.

• (9) The state treasurer’s office shall provide staff support to facilitate the function of the commission and record commission action and recommendations.

• (10) The commission shall comply with the provisions of Title 52, Chapter 4, Open and Public Meetings Act.

Enacted by Chapter 207, 2022 General Session