The commissioner shall propose rules for legislative approval in accordance with §29A-3-1 et seq. of this code. Those rules shall, at a minimum: (1) Identify the types of individuals and entities that are eligible for grants or loans from the program; (2) Provide for the selection of members of any committee established by the commissioner to assist in administration of the program; (3) Establish criteria for making grants or loans: Provided, That the commissioner shall consult with the Department of Commerce before proposing such criteria; (4) Establish procedures and requirements for grant oar loan applications; and (5) Establish the administration, record-keeping, and reporting requirements for entities that receive grants or loans from the program.
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