(1) It is the function of the department of economic and community development to stimulate the creation of new jobs and income through services to business and industry.
(2) The department shall exercise all of the administrative powers, duties and functions described in §§ 4-14-103 — 4-14-107.
(3) The department has the power to make rules and regulations not inconsistent with law for the administration of its functions and duties.
(4) The department shall provide for the administration of title 68, chapter 202, part 1.