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            A. The program provided pursuant to this Chapter shall be administered by the Board of Regents through the office of student financial assistance.

            B. The administering agency shall adopt rules and regulations in accordance with the Administrative Procedure Act to implement the provisions of this Chapter including the following:

            (1) A mechanism for informing residents of the availability of the award.

            (2) Financial audit procedures, program audit procedures, and other matters related to the efficient operation of the program.

            (3) Applications, forms, timelines, deadlines, guidelines, policies, procedure, including timelines and deadlines for receipt by the administering agency of any required information.

            (4) Notification to all appropriate public postsecondary education and proprietary school personnel of any changes in law or agency rules relative to the program no later than sixty days after such change.

            Acts 2021, No. 457, §1, eff. June 23, 2021.