F. Four persons appointed by the President of the Senate as follows: one person who represents mortgage loan servicers, one person who represents credit services organizations or loan brokers and 2 members of the general public who have utilized the services of the office.

All appointments required by this subsection must be made no later than 30 days following the effective date of this Act. The appointing authorities shall notify the Executive Director of the Legislative Council once all appointments have been completed. Within 15 days after appointment of all members, the chairs shall call and convene the first meeting of the committee.

2. Chairs. The first-named Senator is the Senate chair of the committee and the first-named member of the House is the House chair of the committee.

3. Duties. The committee shall study the following issues:

A. The duties associated with regulating the various types of businesses and individuals whose activities come within the jurisdiction of the Department of Professional and Financial Regulation, Office of Consumer Credit Regulation, referred to in this section as "the office";

B. The resources of time and expenditures required to perform those duties under paragraph A, including a review of the costs of administering laws and regulations applicable to licensed and registered companies and the costs of regulating unlicensed or unregistered companies; the costs of receiving, analyzing and resolving consumer complaints and conducting compliance examinations; responding to requests from regulated parties for information, interpretations and rulings; participating in the legislative process; responding to legislative initiatives; and conducting consumer education and outreach activities. The analysis of consumer complaints must include an evaluation of the number and sources of complaints filed with the office over the most recent 5-year period, the time taken to resolve those complaints and the outcome of the complaints;

C. The sources and amounts of revenue collected by the office, including a review of the current creditor and nonbank lender volume fee structure, as well as the various license and registration fees, compliance examination reimbursement assessments, investigatory cost reimbursement assessments and all other sources of revenue; and