(a)  Program integrity being of paramount importance, the commerce corporation shall establish procedures to ensure ongoing compliance with the terms and conditions of the program established herein, including procedures to safeguard the expenditure of public funds and to ensure that the funds further the objectives of the program.

(b)  The commerce corporation shall adopt implementation guidelines, directives, criteria, and rules and regulations pursuant to § 42-35-3 of the general laws, as are necessary to implement this chapter, including, but not limited to: examples of the enumeration of specific targeted industries; specific delineation of incentive areas; the determination of additional limits; the promulgation of procedures and forms necessary to apply for a tax credit, including the enumeration of the certification procedures; the allocation of new tax credits in consultation with the executive office of commerce, division of taxation and department of administration; and provisions for tax credit applicants to be charged an initial application fee, and ongoing service fees, to cover the administrative costs related to the tax credit.