The commissioner shall, pursuant to the provisions of the “Administrative Procedure Act,” P.L. 1968, c. 410 (C. 52:14B-1 et seq.), adopt rules governing the awarding and use of loans and grants, including, but not limited to, procedures for the submission of applications, standards for the evaluation of applications, requirements for the reporting by the recipients of the expenditure of funds, and any limitations, restrictions or requirements concerning the use of a loan or grant as the commissioner may prescribe.

L. 1985, c. 368, s. 7, eff. Nov. 12, 1985.