(1) Every private person or entity that receives a grant or loan from the commission pursuant to this article, awarded in part or in whole on the basis of the person's or entity's creation of full-time permanent new jobs with wage requirements shall file a progress report with the commission. The progress report shall include, but shall not be limited to, the following:

(a) The name of the person or entity that received the grant or loan and, if the recipient is an entity, the name of the chief officer of the entity;

(b) The business address and business phone number of the person or entity that received the grant or loan;

(c) The amount of the grant or loan awarded to the person or entity by the commission;

(d) A statement of the number of new full-time permanent jobs that the person or entity that received the grant or loan has created to date;

(e) Payroll or other data to verify the number of new jobs created by the person or entity;

(f) The average annual compensation level of new full-time permanent employees of the new jobs created;

(g) A statement as to whether the person or entity that received the grant or loan reduced employment at any other site controlled by the person or entity in the state as a result of automation, merger, acquisition, corporate restructuring, or other business activity; and

(h) Any other information reasonably required by the commission to evaluate the progress of the person or entity that received the grant or loan and the effectiveness of awarding the grant or loan.

(2) The progress report submitted to the commission shall include a signed certification by the private person who received the grant or loan or, if the recipient is a private entity, the chief officer of the entity that received the grant or loan as to the accuracy of the progress report.

(3) Any private person or entity that receives a grant or loan pursuant to this article based in part or in whole on the person's or entity's creation of full-time permanent new jobs in the state shall file the progress report required pursuant to subsection (1) of this section.

(4) The commission shall include the information collected each year pursuant to subsection (1) of this section in the commission's report to the general assembly pursuant to section 24-46-104 (2). The commission's report shall also include a statement as to whether the private person or entity that received the grant or loan has achieved the person's or entity's job creation and wage requirement.

(5) The commission shall inform a private person or entity that receives a grant or loan based in part or in whole on the person's or entity's creation of full-time permanent new jobs in the state that the person or entity is required to comply with the requirements of this section at the time the commission awards the grant or loan.