In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division shall make rules establishing:
(1) form, content, and procedure for loan and grant applications;
(2) criteria and procedures for prioritizing loan and grant applications;
(3) requirements and procedures for securing loans and grants;
(4) procedures for making loans;
(5) procedures for administering and ensuring repayment of loans, including late payment penalties; and
(6) procedures for recovering on defaulted loans.