The Department shall adopt regulations to carry out the provisions of this subtitle. The regulations adopted under this subtitle shall establish application procedures and criteria for the award of a loan under this subtitle. The criteria shall provide a basis for the priority ranking of projects, and shall include: The financial capacity and fiscal accountability of the applicant; The location of the underground storage tank and the degree to which removal of the tank would impose a geographical hardship on the surrounding community or industries dependent on availability of the petroleum; The extent to which the existence of the tank is required for an essential public service; Previous efforts expended to correct any existing environmental problem and to maintain compliance with State and federal regulations; Measures to assure accountability for all funds awarded under this subtitle; and Any other criteria that the Secretary considers appropriate. The regulations adopted under this subtitle shall require the recipient of a loan under this subtitle to provide the Department with documentation that the proceeds of the loan were applied in accordance with § 4-603 of this subtitle and the loan agreement.