The Commission is the official custodian of all valuable paintings and other objects of decorative art owned by or loaned to the State, except those located in a State room of the Government House. With respect to the objects subject to its official custody, the Commission shall: keep a continuing inventory of the objects; and be responsible for and supervise the acquisition, custody, display, location, preservation, proper care, security, and restoration of the objects. At such time as the State acquires the Peabody Art Collection from the Peabody Institute, the Commission shall become the official custodian of the Collection. In exercising its custodial responsibilities, the Commission may loan objects owned by the State to qualified institutions and may contract with such institutions for the performance of curatorial services. Each person or agency that desires to acquire a painting or object of decorative art for display in or on the premises of any State building, except in a room of the Government House, must receive both prior approval and final acceptance from the Commission. Before giving prior approval or final acceptance in accordance with this subsection, the Commission shall consider: the competence of the artist; the proposed location of the object; and the quality, historical significance, and appropriateness of the work. This subtitle does not apply to artwork acquired through the Maryland Public Art Initiative Program established under Title 4, Subtitle 6 of the Economic Development Article.