ALBANY — Two lawmakers want the state’s new Authorities Budget Office to investigate OTB’s hire of a chief executive at a salary of $1.5 million a year.

Assemblymen J. Gary Pretlow and Richard Brodsky say OTB, state-owned but in bankruptcy, isn’t complying with reforms enacted last year. They especially question Greg Rayburn’s no-bid, $125,000-a-month contract.

But spokesman Morgan Hook cited Rayburn’s experience at restructuring, said he was expected to have the post for just a few months and called the hire the first real effort to fix OTB.

Gov. Paterson’s chief of staff, Larry Schwartz, chairs OTB’s board.