20-26-201. Duties of commissioner of higher education relative to program. The commissioner of higher education shall:

(1) adopt policies to administer the Montana resident student financial aid program, including the establishment of criteria for student eligibility that must consider financial need;

(2) determine the amount of individual financial aid awards;

(3) establish procedures for fiscal control, fund accounting, and necessary reports, including the reports required under 20-26-105; and

(4) apply for, receive, and administer federal and private money.