1. The State Financial Literacy Advisory Council is hereby created. The Council consists of:

(a) The following ex officio members:

(1) The Superintendent of Public Instruction or his or her designee; and

(2) The Chancellor of the Nevada System of Higher Education or his or her designee;

(b) Three members appointed by the Governor;

(c) Two members appointed by the Majority Leader of the Senate;

(d) Two members appointed by the Speaker of the Assembly;

(e) One member appointed by the Minority Leader of the Senate;

(f) One member appointed by the Minority Leader of the Assembly; and

(g) One member appointed by the Chancellor of the Nevada System of Higher Education who has a background in economics or financial literacy.

2. The Governor, the Majority Leader and the Minority Leader of the Senate, the Speaker and Minority Leader of the Assembly and the Chancellor of the Nevada System of Higher Education shall coordinate their respective appointments of members to the Council to ensure that, to the extent practicable, the members appointed to the Council reflect the gender, ethnic and geographic diversity of this State and that:

(a) Three members of the Council are members of the business community with a background in economics;

(b) One member of the Council is a member of the business community who is employed in the banking industry;

(c) One member of the Council is a member of the business community who is employed by a credit union;

(d) Three members of the Council are teachers who hold a license to teach elementary, middle or junior high school or secondary education, respectively, and who:

(1) Teach in an elementary, middle or junior high or high school, respectively;

(2) Have received training in financial literacy; and

(3) Are responsible for teaching courses relating to financial literacy;

(e) One member of the Council is an administrator of a public school; and

(f) One member of the Council is an administrator of a school district.

3. Any vacancy occurring in the membership of the Council must be filled in the same manner as the original appointment not later than 30 days after the vacancy occurs.

4. The Council shall elect a Chair and Vice Chair from among its members at the first meeting of the Council and at the first meeting of the calendar year each year thereafter. The Chair and Vice Chair serve a term of 1 year.

5. Each member of the Council serves a term of 2 years and may be reappointed.

6. The Council shall meet at least four times a year at the call of the Chair. One meeting of the Council must be held in person and any other meeting may be held by videoconference.

7. A majority of the members of the Council constitutes a quorum for the transaction of business, and a majority of those members present at any meeting is sufficient for any official action taken by the Council.

8. The Chair may appoint such subcommittees of the Council as the Chair determines necessary to carry out the duties of the Council.

9. The members of the Council serve without compensation, except that each member is entitled to receive the per diem allowance and travel expenses provided for state officers and employees generally while engaged in the official business of the Council.

10. Each member of the Council who is an officer or employee of the State or a local government must be relieved from his or her duties without loss of his or her regular compensation so that the member may prepare for and attend meetings of the Council and perform any work necessary to carry out the duties of the Council in the most timely manner practicable. A state agency or local government shall not require an officer or employee who is a member of the Council to make up the time the member is absent from work to carry out his or her duties as a member, and shall not require the member to take annual vacation or compensatory time for the absence.

11. Any costs associated with employing a substitute teacher while a member of the Council who is a teacher attends a meeting of the Council must be paid by the school district that employs the member.

12. To the extent that money is available, the Department shall provide administrative support to the Council.

(Added to NRS by 2019, 1987)