(a) Five commission members must be representatives of the public. A person is not eligible for appointment as a public member of the commission if the person or the person's spouse:
(1) is employed by or participates in managing or directing:
(A) a financial institution; or
(B) an organization, other than a financial institution, regulated by or receiving money from a financial institution regulatory agency;
(2) has, other than as a member or customer, a financial interest in:
(A) a financial institution; or
(B) an organization, other than a financial institution, regulated by or receiving money from a financial institution regulatory agency; or
(3) uses or receives a substantial amount of tangible goods, services, or money from the department, other than compensation or reimbursement authorized by law for commission membership, attendance, or expenses.
(b) The governor shall appoint public commission members on the basis of recognized business ability.
(c) In this section, "financial institution" includes an institution such as a credit union, bank, savings bank, or savings and loan association.