The executive director shall administer this program and shall:

(1) Adopt rules and regulations, pursuant to chapter 1-26, to define tuition and mandatory fees, to define residents for the purposes of this chapter, and to determine the amount of grant funds available to students at each eligible institution. The executive director may provide for proration of funds if the available funds are insufficient to pay all approved grants;

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(2) Approve and award South Dakota need-based grants; and

(3) Establish and maintain records required by good accounting practices.

Source: SL 1974, ch 141, § 7; SL 1981, ch 159, § 8; SL 1982, ch 156, § 2; SL 2010, ch 104, § 7; SL 2013, ch 92, § 7, eff. Mar. 12, 2013.