(a)      The Commissioner is appointed by the Secretary of Labor, Licensing, and Regulation with the approval of the Governor and the advice and consent of the Senate.

      (b)      The Commissioner serves at the pleasure of the Secretary of Labor, Licensing, and Regulation.

      (c)      The Commissioner shall have at least 5 years of experience in state or national banking regulation or management, which may include service as a bank director.

      (d)      The Commissioner is entitled to the salary provided in the State budget.