(1) The state finance commission is hereby designated as the state agency authorized to administer this act, and for that purpose shall be known as the Utah State Social Security Agency.
(2) The state agency shall have power to establish and maintain records, employ such personnel, accountants and attorneys and to do all things necessary to the proper administration of this act. It shall make and publish such rules and regulations, not inconsistent with the provisions of this act, as it finds necessary or appropriate to the efficient administration of the functions with which it is charged under this act.