(a) There is created the Tennessee collection service board, which shall consist of five (5) members appointed by the governor. Members shall serve for a period of three (3) years, except that appointments made to fill unexpired terms shall be for the period of the unexpired terms.
(b) Members of this board shall be residents of this state for at least five (5) years prior to their appointment. At least two (2), but no more than three (3), of the members shall be engaged in the collection service industry. In making appointments to the board, the governor shall strive to ensure that at least one (1) person serving on the board is sixty (60) years of age or older and that at least one (1) person serving on the board is a member of a racial minority.
(c) The board may hold meetings that it may deem necessary for the purpose of transacting any business authorized under this chapter. All members of the board shall be duly notified of the time and place of each meeting. A majority of the board constitutes a quorum at any such meeting.
(d) Each member of the board shall receive the sum of fifty dollars ($50.00) for each meeting of the board attended by the member. Each board member shall also be reimbursed for actual travel and other expenses incurred by the member in attending each meeting of the board and in performing any other duties provided for in this chapter. All reimbursement for expenses shall be in accordance with the comprehensive travel regulations promulgated by the department of finance and administration and approved by the attorney general and reporter.
(e) The board shall annually select from its members a chair, vice chair and secretary. No member of the board shall hold more than one (1) such office.
(f) All questions, submissions or requests directed to the board shall be addressed to the board's office in Nashville.
(g) The board shall promulgate rules relating to the general conduct of collection service business that are consistent with recognized business practice and this chapter.
(h) The director of the division of regulatory boards in the department of commerce and insurance or the director's designee shall serve as executive director of the board and shall perform all administrative functions for the board. The executive director of the board shall keep an accurate record of its proceedings and transactions.
(i) Members of the board, while acting in good faith, shall not be subject to civil liability relative to the performance of duties delegated to the board by this chapter.
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