(1) The commissioner shall promulgate rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, to implement and administer this act, including, but not limited to, rules regarding all of the following:

    (a) The maintenance of records relative to the financial aspects of cemeteries.

    (b) Requirements for applications for the granting of permits and registrations required under this act, including, but not limited to, the good moral character and financial security, responsibility, and stability of persons having an interest in the cemetery and all persons with decision-making authority that are employed by the applicant, registrant, or permittee.

    (c) The formal and informal procedures governing the conduct of contested cases under this act before the commissioner or a hearing officer designated by the commissioner.

    (d) The establishment, control, record keeping, and auditing of endowment care trusts, merchandise trust accounts, and related trust funds.

    (e) Requirements for trust agreements, endowment care trusts, and merchandise trust accounts.

    (f) The full disclosure of the source, nature, and amount of consideration to be used in the sale or transfer of a cemetery.

    (g) Submission of annual reports in accordance with section 16(12) and (13), including requests for extensions.

    (2) The commissioner shall update any existing rules that must be changed due to the amendatory act that added this subsection within 12 months after the effective date of the amendatory act that added this subsection.