The Arkansas Natural Resources Commission shall:
(1) Administer the loan and grant programs authorized under this subchapter;
(2) Take necessary action to ensure that the funds are used for the purposes established in this subchapter and in accordance with state and federal laws; and
(3) In accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., promulgate such rules and procedures necessary for the operation of this program.