Section 197. Subject to the appropriation of funds therefor, the commission shall purchase, pursuant to sections fifty-one and fifty-two of chapter thirty, telecommunication devices for the deaf and shall rent, lease or sell such equipment to persons certified by the commission pursuant to its regulations as deaf or severely hard of hearing, at terms or prices which are fair and reasonable; provided, however, that no such device shall be sold by the commission at a price less than one-half of the wholesale market price of such device prevailing at the time of sale. The commission shall promulgate regulations to implement the provisions of this section. Such regulations shall include a schedule of fees to be charged for such rentals or sales and shall be based upon a consideration of the circumstances, need and annual income of the deaf or severely hard of hearing person seeking such equipment. Monies collected under the provisions of this section shall be retained by the commission in a revolving fund or revolving funds, and shall be expended subject to the approval of the secretary of the executive office of health and human services and the state comptroller to purchase telecommunication devices for the deaf; provided that the commission shall provide quarterly reports to the house and senate committees on ways and means detailing the amounts of revenues received or expended under this section. A fund established pursuant to this section shall be subject to an audit by the state auditor, in accordance with generally accepted government auditing standards, as often as the state auditor determines is necessary.