The Michigan nursing scholarship program is created, to be administered by the authority. The authority shall do all of the following:

  (a) Award scholarships to eligible students pursuant to this act.

  (b) Develop a scholarship agreement to be entered into by a scholarship recipient and the authority that contains the terms of a scholarship made under this act and the rights and obligations of the scholarship recipient and the authority.

  (c) Collect repayment of scholarships if required under section 7.

  (d) Conduct periodic audits of scholarship recipients to ensure compliance with the terms of the scholarship agreement and take necessary steps to enforce the terms of the scholarship agreement.

  (e) Publicize the Michigan nursing scholarship program and recruit qualifying students to participate in the Michigan nursing scholarship program.

  (f) Promulgate rules, as necessary to implement this act, pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The rules may include additional standards of eligibility for students to receive scholarships under this act.