(1) There is a petroleum tank release compensation board.
(2) The board consists of seven members appointed by the governor as follows:
(a) a representative of the financial or banking industry with experience in small business or property loans;
(b) a representative of the petroleum services industry or a representative of the petroleum release remediation consultant industry;
(c) a representative of independent petroleum marketers and chain retailers;
(d) a representative of the general public;
(e) a representative of service station dealers;
(f) a representative of the insurance industry; and
(g) a person with a background in environmental regulation.
(3) The board shall elect a presiding officer.
(4) The term of membership is 3 years.
(5) Members shall serve without pay, but are entitled to reimbursement for travel, meals, and lodging while engaged in board business, as provided in 2-18-501 through 2-18-503.