(1) The Board of Corrections is authorized to promulgate rules concerning the maximum amount of cash that inmates of the Division of Correction may have in their possession.
(2) The board shall provide adequate facilities for the deposit and safekeeping of cash belonging to inmates at the division if the inmate desires to deposit it for safekeeping.
(3) An inmate of the division shall forfeit any cash found on his or her person or in his or her possession in excess of the amount prescribed by rules of the board.
(4) After a hearing, the Director of the Division of Correction shall confiscate such cash and deposit the amount held in violation of the rules into a division welfare fund, to be used for the benefit of inmates of the division pursuant to rules of the board.
(5) A complete record of all funds forfeited and confiscated shall be maintained by the director.