(a) There is created a commission for the regulation of athlete agents in the State of Georgia to be known as the Georgia Athlete Agent Regulatory Commission. The commission shall consist of six members with an interest in college athletics to be appointed as follows:

(1) The Governor shall appoint two commission members;

(2) The President of the Senate shall appoint two commission members; and

(3) The Speaker of the House of Representatives shall appoint two commission members.

All members of the commission shall be citizens of the United States and residents of Georgia. The term of each commission member shall be for a period of three years and commission members may be eligible for reappointment, subject to the provisions of this chapter. If a vacancy occurs on the commission, the officer who originally appointed such member shall appoint a successor who shall take office immediately and serve the remainder of the unexpired term. The commission members and their successors shall have and exercise all the powers and authority vested by law in said commission.

(b) The effective date of all original appointments shall be September 1, 1988.

(c) No person who has served two successive complete terms on the commission shall be eligible for reappointment until after the lapse of one year. Appointment to fill an unexpired term is not to be considered as a complete term.

(d) The Governor shall remove from the commission any member for cause as provided in Code Section 43-1-17.

(e) The commission shall elect annually a chairman and a vice-chairman.

(f) A majority of the commission shall constitute a quorum for the transaction of business.

(g) The commission may promulgate and from time to time amend rules and standards of conduct for athlete agents appropriate for the protection of the residents of the state.

(h) Members of the commission shall be reimbursed as provided in subsection (f) of Code Section 43-1-2.

(i) The division director shall be the secretary of the commission and provide all administrative services.