Unless otherwise provided for by law, and pursuant to the terms of a written agreement executed between the division and the agency for which it shall act as authorized agent, the division of occupational and professional licenses shall provide such services and have and exercise such powers, duties and authority as the agreement shall specify. Each agreement so executed shall specify the following:
(1) The specific statutory authority by which the division shall act as authorized agent for the agency;
(2) The specific actions which the division administrator may, as executive officer of the division, take when acting in the interest of such agency;
(3) The actions which may be taken by the division administrator acting in discretion without specific authorization from the agency for which the division may act;
(4) The approximate cost of the services provided the agency by the division, if not otherwise provided by law, the terms of compensation to the division for services rendered, and the provision of bond for personnel of the division pursuant to chapter 8, title 59, Idaho Code;
(5) Each agreement executed between the division and the agency for which the division is authorized to act shall include the terms, conditions and procedures by which the division administrator may initiate proceedings to assure the collection and payment for services rendered by the division which are not otherwise provided for by law;
(6) The terms and conditions under which either party executing the agreement shall be able, without penalty, to terminate said agreement;
(7) The provision that all funds transferred to the division in compensation for services rendered shall be deposited in the occupational licenses fund [account] against which warrants shall be drawn by the division administrator in payment of expenses of the division in the administration of this chapter; and
(8) The provision that each such agreement so executed by the division and agency for which it may provide said services shall be approved by legal counsel for consistency with law before execution shall be valid.