I think this is a fine proposal. The wording may be fine, but I feel it is best to just be safe and explicit in the wording. To that affect I suggest adding "(except the voting requirement)" to the draft, as in below:

Legislator Committee Act 3(2) Wrote:(2) Within the first week of each calendar month, the Legislator Committee will remove legislator status from a legislator if they failed the voting requirement in the past month, if applicable, or otherwise no longer meet the eligibility requirements as described herein. If a legislator no longer meets the eligibility requirements (except the voting requirement), the Legislator Committee may remove their legislator status outside the first week of the calendar month. The Legislator Committee may exercise discretion and not remove legislators under reasonable extenuating circumstances.