Rulemaking Authority

(1) The board may adopt rules to implement the provisions of this part and 17-6-211(2). Rules adopted by the board may include: (a) definitions of small- and medium-sized businesses; (b) a method of committing funds to financial institutions, including guidelines for lead private financial institutions if a consortium of private financial institutions is participating in a loan made pursuant to 17-6-317; (c) guidelines for graduation clauses for refinancing and early payment of loans made pursuant to 17-6-317; (d) types of service fees; and (e) types of investments to be made. (2) The board may also adopt procedural rules to govern its proceedings.