(a) The Department shall adopt regulations to carry out the provisions of this subtitle.
(b) (1) The regulations adopted under this subtitle shall establish application procedures and criteria for the award of a loan under this subtitle.
(2) The criteria shall provide a basis for the priority ranking of projects, and shall include:
(i) The financial capacity and fiscal accountability of the applicant;
(ii) The location of the underground storage tank and the degree to which removal of the tank would impose a geographical hardship on the surrounding community or industries dependent on availability of the petroleum;
(iii) The extent to which the existence of the tank is required for an essential public service;
(iv) Previous efforts expended to correct any existing environmental problem and to maintain compliance with State and federal regulations;
(v) Measures to assure accountability for all funds awarded under this subtitle; and
(vi) Any other criteria that the Secretary considers appropriate.
(c) The regulations adopted under this subtitle shall require the recipient of a loan under this subtitle to provide the Department with documentation that the proceeds of the loan were applied in accordance with § 4-603 of this subtitle and the loan agreement.