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(1) The director shall monitor the activities of recipients of the loans and loan guarantees issued under this part on a yearly basis to ensure compliance with the terms and conditions imposed on the recipient by the director under this part.
(2) An entity receiving a loan or loan guarantee under this part shall provide the director with an annual accounting of how the money it received from the fund was spent.
(3) The director shall provide the following information to the department for inclusion in the department's annual written report described in Section 35A-1-109:
(a) an accounting of expenditures made from the fund; and
(b) an evaluation of the effectiveness of the loan and loan guarantee program.