The department of state shall promulgate rules to implement this act pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws. The rules may include but not be limited to the following: Criteria for approving or disapproving loan applications, criteria for determining the amount of a loan and provisions for a repayment plan agreement including the assessment of a fee for late payment.