(a) The Secretary of Labor, Licensing, and Regulation shall appoint the Division Director with the approval of the Governor and the advice and consent of the Senate.
(b) The Division Director serves at the pleasure of the Secretary.
(c) The Division Director shall have experience in State or national regulation or management of financial organizations, which may include service as a bank or savings and loan association director or officer.
(d) The Division Director is entitled to the salary provided in the State budget.