(1) The division shall distribute loan and grant money if the loan or grant is approved by the board.
(2) The division shall submit an annual written report, before November 1, concerning the number and type of loans and grants made as well as a list of recipients of this assistance to:
(a) the Native American Legislative Liaison Committee, created in Section 36-22-1; and
(b) the governor.
(3) The division, with board approval, may use fund money for the administration of the fund, but this amount may not exceed 2% of the annual receipts to the fund.