(1) The board shall adopt rules to establish:
(a) procedures for soliciting and evaluating applications and for notifying the local government of the application for purposes of complying with 17-5-1526 and 17-5-1527; and
(b) a system for evaluating applications, considering the following criteria:
(i) the applicant's net worth;
(ii) the applicant's training and experience in the industry involved in the proposed project;
(iii) the applicant's prospects for succeeding in the proposed project;
(iv) the degree to which the new or increased business resulting from the loan will meet the objectives of 17-5-1502; and
(v) any other factors the board may prescribe.
(2) The board shall adopt rules for the:
(a) organization, approval, standards, and regulation of project applicants;
(b) approval, standards, and regulation of financial institutions under this part;
(c) assessment, collection, and payment of all fees and charges in connection with making, purchasing, and servicing of its bonds and notes, mortgage lending, construction lending, temporary lending, and guaranty programs; and
(d) such other matters as the board considers necessary or desirable.