A board shall:
(1) exercise powers incidental or necessary to the administration of this chapter;
(2) deposit fees collected under this chapter in the general fund of the county or in a separate county fund established for this purpose;
(3) supervise and regulate each phase of the bonding business in the county;
(4) adopt and post rules necessary to implement this chapter;
(5) conduct hearings and investigations and make determinations relating to the issuance, denial, or renewal of licenses;
(6) issue licenses to qualified applicants;
(7) deny licenses to unqualified applicants;
(8) employ persons necessary to assist in board functions; and
(9) conduct board business, including maintaining records and minutes.