In performance of, and with respect to, the functions, powers, and duties vested in the director by this part, the director shall:

1. (1) Prescribe the qualifications for eligibility of applicants for loans.
2. (2) Establish preferences and priorities in determining eligibility for loans.
3. (3) Establish the conditions, consistent with the purposes of this part, for the granting of the loan.
4. (4) Provide for inspection, at reasonable hours, of the vessel, records and books of an individual or enterprise who has applied for or has been granted a loan and to require the submission of periodic reports.
5. (5) Adopt rules and regulations under chapter 91 to carry out this part.

[L 1975, c 167, §10; am L 1976, c 70, pt of §2; gen ch 1985]