The Commission consists of the following members: two members of the Senate of Maryland, appointed by the President of the Senate; two members of the House of Delegates, appointed by the Speaker of the House; the State Superintendent of Schools, or the Superintendent’s designee; the Secretary of Housing and Community Development, or the Secretary’s designee; the Commissioner of Financial Regulation in the Maryland Department of Labor, or the Commissioner’s designee; the Executive Director of the Family Investment Administration in the Department of Human Services, or the Executive Director’s designee; the Chief of the Consumer Protection Division of the Office of the Attorney General, or the Chief’s designee; the State Treasurer, or the State Treasurer’s designee; the Comptroller, or the Comptroller’s designee; the Secretary of Higher Education, or the Secretary’s designee; the Secretary of Disabilities, or the Secretary’s designee; and the following members, appointed by the Governor: one member of the Board of Trustees of the Maryland State Employees Supplemental Retirement Plans; one member of the Maryland State Education Association who teaches a course involving principles of financial education; one representative of the Maryland CASH Campaign; one representative of a community–focused nonprofit organization that provides free financial education in the State; one representative of a philanthropic organization that provides funding for financial education in the State; one representative of the Maryland Council on Economic Education or the Maryland Coalition for Financial Literacy; one representative of a bank, whether or not State–chartered, that has a branch in the State; one representative of a credit union, whether or not State–chartered, that has a branch in the State; one licensed mortgage broker holding the Maryland Association of Mortgage Brokers’ “Lending Seal of Integrity”; one member of the Maryland Association of CPAs; and one representative of a nonprofit organization in the State that provides financial assistance and free financial education to State residents for postsecondary education. The term of an appointed member of the Commission is 4 years. The terms of the appointed members are staggered as required by the terms provided for appointed members of the Commission on October 1, 2012. At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies. A member who is appointed after a term has begun serves only for the remainder of the term and until a successor is appointed and qualifies. The President of the Senate shall designate one of the members appointed from the Senate as co–chair of the Commission. The Speaker of the House of Delegates shall designate one of the members appointed from the House as co–chair of the Commission. The Maryland CASH Campaign shall provide staff for the Commission. A member of the Commission: may not receive compensation as a member of the Commission; but is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget. The Commission shall meet at least two times each year at the times and places determined by the Commission.

The Commission shall: monitor the implementation of public and private initiatives to improve the financial education and capability of residents of the State; make recommendations on the coordination of financial education and capability efforts across State agencies; and encourage financial education events and activities to highlight April as Financial Education Month. Subject to paragraph (2) of this subsection, on or before December 1 each year, the Commission shall report to the Governor and, in accordance with § 2–1257 of this article, the General Assembly on its recommendations and the status of efforts undertaken by State agencies or in partnership with State agencies to improve the financial education and capability of residents of the State. Every 3 years, the report of the Commission required under paragraph (1) of this subsection shall include a comprehensive discussion of statewide efforts to improve the financial education and capability of residents of the State, including initiatives funded by the State or a local government and those undertaken in the private sector by nonprofit organizations, financial institutions, and other persons.