(1) The department may enter into a contract with, and compensate, a third party to perform any of the duties necessary to fulfill the purposes of this subchapter including, but not limited to:

(a) technically review, evaluate, and approve applications;

(b) execute loan agreements;

(c) secure and service loans;

(d) collect loan payments; and

(e) conduct collections for defaulted loans.

(2) The department, or a third party performing services under a contract entered into pursuant to this rule, may charge an applicant or borrower usual and customary fees including, but not limited to:

(a) application fees;

(b) loan origination fees;

(c) delinquency fees; and

(d) costs of collection.