(1) There is hereby created the Auctioneer's Licensing Board. The Governor shall appoint a board consisting of seven (7) members, four (4) of whom are licensed auctioneers and three (3) from the public at large, each of whom immediately before the date of his or her appointment has been a resident of the State of Arkansas for five (5) years.
(2) The four (4) members who are auctioneers shall have been auctioneers for at least five (5) years.
(3) Each member shall serve until his or her successor is appointed and qualified. All successor members shall serve terms of four (4) years and until their successors are elected and qualified.
(4) Vacancies shall be filled by appointment of the Governor for the unexpired term.
(5) Each member of the board may receive expense reimbursement and stipends in accordance with § 25-16-901 et seq.