The Department may:

            (1)      Make farmer disaster loans and extend or modify the terms of an existing loan, set the principal amounts and maturities (not exceeding five years) thereof, enforce them according to their terms, and execute all necessary and convenient documents in connection therewith; foreclose mortgages; and obtain and enforce deficiency judgments. Approval or execution by the Board of Public Works is not needed to assign for value, to release loans when paid, or to accomplish foreclosures.

            (2)      Require and obtain appraisals, credit information, and other information necessary or desirable to make sound loans, and to adopt reasonably minimum requirements of creditworthiness and security.

            (3)      Contract for services relating to any aspect of the operations of the program in accordance with procedures required by law for State contracts.

            (4)      Adopt, and amend from time to time, in accordance with statutory requirements, rules and regulations governing all aspects of the operation of the program, including definitions of terms.