Section 1. (a) Within the executive office of housing and economic development, there shall be an office of consumer affairs and business regulation, in this chapter called the office. The office shall be headed by a director of consumer affairs and business regulation, hereinafter referred to as the director, who shall be appointed by and serve at the pleasure of the governor and who shall not be subject to the provisions of chapter thirty-one or section nine A of chapter thirty. The director shall receive such salary as the governor may determine, provided that such salary is equivalent to the salary received by the director of labor and workforce development and the director of economic development. The director shall devote full time during business hours to the duties of his office, and shall have the powers and duties provided in sections four to seven, inclusive, of chapter six A.

(b) There shall be within the office the following divisions containing the following state agencies or functions: (1) the division of business regulation, including the department of telecommunications and cable and all other state agencies within that department; the department of banking and insurance and all other state agencies within that department, including the small loans regulatory board and the trustees of the General Insurance Guaranty Fund; (2) the division of consumer affairs, including the division of registration established by section 8 of chapter 13, including the several boards of registration serving in that division; and (3) the division of standards, established by section 5. Nothing in this section shall be construed as conferring any power or imposing any duties upon the director with respect to the foregoing agencies except as expressly provided by law.