The Commission shall contract with an independent scientific peer review committee composed of scientifically recognized experts in the field of stem cell research. The committee shall: review, evaluate, rank, and rate research proposals for State-funded stem cell research: based on the procedures and guidelines established by the Commission; and in a manner that gives due consideration to the scientific, medical, and ethical implications of the research; and make recommendations to the Commission, based on the rankings and ratings awarded to research proposals by the committee, for the award and disbursement of grants and loans under the Fund. A member of the committee: is not eligible to receive a grant or loan for State-funded stem cell research from the Fund; may not reside in the State; and shall be subject to conflict of interest standards that are at least as stringent as the standards on conflict of interest adopted by the National Institutes of Health.