The Commission shall: adopt regulations that ensure that adult stem cell and stem cell research financed by the Fund complies with State law; develop criteria, standards, and requirements for the initial review of grant and loan applications by the Commission; review grant and loan applications to ensure that each application is complete and satisfies the criteria, standards, and requirements developed by the Commission, including approval by an institutional review board; establish procedures and guidelines to be used by the committee for the review, evaluation, ranking, and rating of research proposals for State–funded stem cell research; ensure that the procedures and guidelines established under item (4) of this subsection are based on the guidelines of the National Institutes of Health Center for Scientific Review; establish criteria, standards, and requirements for consideration of grant and loan applications based on the rankings and ratings of the committee; make recommendations consistent with the criteria, standards, and requirements established by the Commission and based on the rankings and ratings of the committee regarding the award of grants and loans from the Fund; establish standards for the oversight and use of awards; conduct progress oversight reviews of recipients; notify the Corporation regarding the submission by a recipient, or failure of a recipient, to submit institutional review board approval for a grant or loan awarded under this part; and develop guidelines on disclosure and recusal to be followed by members of the Commission when considering grant and loan applications. The Commission may consult with experts in performing its duties.