Division to distribute money -- Annual report -- Administration costs.

(1) The division shall distribute loan and grant money if the loan or grant is approved by the board. (2) The division shall submit a report to the office for inclusion in the annual written report described in Section 63N-1a-306, the number and type of loan or grant awarded and a list of recipients that received a loan or grant award under this part. (3) The division, with board approval, may use fund money for the administration of the fund, not to exceed 2% of the annual receipts to the fund.