(1) The commission may adopt and promulgate rules and regulations to carry out the Infrastructure Development Investment Program Act.

(2) No later than July 1, 2027, the commission shall adopt and promulgate rules and regulations to provide for:

(a) The transparent, equitable, and nondiscriminatory administration of financial assistance;

(b) Public oversight and consistent scoring criteria for applications and project evaluations;

(c) Systems to track compliance, defaults, and repayments;

(d) Prompt corrective actions to address any audit finding or material weakness;

(e) Administration of the Infrastructure Development Investment Program Act and response to evolving best practices in infrastructure finance and management; and

(f) Application procedures, loan evaluation, pricing standards, credit ratings, and ongoing monitoring to protect the integrity of the portfolio of the investment program and ensure access across jurisdictions.