I. There is hereby established a state board of auctioneers consisting of 5 members, including 4 auctioneers and one public member, appointed by the governor with the advice of the council for terms of 5 years. Terms shall expire March 1. All board members shall be residents of this state and no board member shall serve more than 2 consecutive terms.
II. The public member of the board shall be a person who is not, and never was, a member of the auctioneering profession or the spouse of any such person, and who does not have, and never has had, a material financial interest in either the provision of such professional services or an activity directly related thereto, including the representation of the board or profession for a fee at any time during the 5 years preceding appointment.
III. [Repealed.]
IV. [Repealed.]