(1) (a) The electronic recording technology board is created in the department of state. The board is a type 1 entity, as defined in section 24-1-105. The board consists of the secretary of state, or the secretary of state's designee, and eight other members appointed as follows: (I) One member from the real estate section of the Colorado bar association appointed by the governor; (II) One member from the title industry appointed by the governor; (III) One member from the mortgage lending industry appointed by the secretary of state; (IV) Three members who are clerk and recorders from a first or second class county as designated in section 30-1-101, C.R.S., with one appointed by the speaker of the house of representatives and the other two appointed by the secretary of state; and (V) Two members who are clerk and recorders from a third, fourth, or fifth class county as designated in section 30-1-101, C.R.S., with one appointed by the president of the senate and the other appointed by the secretary of state. (b) All of the board members other than the secretary of state, or the secretary's designee, serve two-year terms; except that the terms shall be staggered so that no more than five members' terms expire in the same year. (c) Board members serve without compensation; except that board members are entitled to reimbursement from the fund for actual and necessary expenses incurred in the performance of their duties. A vacancy on the board is filled in the same manner as the original appointment was made. A person appointed to fill a vacancy serves for the remainder of the unexpired term. (2) The board constitutes an enterprise for purposes of section 20 of article X of the state constitution so long as it retains the authority to issue revenue bonds under section 24-21-405 and receives less than ten percent of its total revenues in grants from all Colorado state and local governments combined. The business purpose of the board is to develop and modernize electronic filing systems throughout the state. So long as it constitutes an enterprise under this section, the board is not subject to any provisions of section 20 of article X of the state constitution.
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