(a) In carrying out its duties and responsibilities under this subchapter, the Commission shall:(1) publicize the loan program to potential applicants;(2) work closely with loan applicants to ensure the application is complete and all relevant material is provided;(3) establish and conduct the evaluation process in a responsive manner to maximize the opportunity to acquire federal and other funding;(4) develop contracts with awardees that include sufficient performance measures, audit requirements, and reporting requirements to ensure prudence and due diligence in the expenditure of state funds; and(5) minimize reporting requirements that may be repetitive of reporting required by federal grant agencies or that may be unnecessary for the effective monitoring of the program.(b) The Director on behalf of the Commission, in consultation with the Chief of Staff or his designee, may waive any provision of this chapter upon a finding that the public interest would be furthered by granting the waiver.