(1) The Legislature hereby finds and declares that a code of practice established by the board by which architects and professional engineers could govern their professional conduct would be beneficial to the state and would safeguard the life, health, and property and promote the public welfare of the citizens of this state.

(2) The code of practice established by this section shall include provisions on:

(a) Professional competence;

(b) Conflict of interest;

(c) Full disclosure of financial interest;

(d) Full disclosure of matters affecting public safety, health, and welfare;

(e) Compliance with laws;

(f) Professional conduct and good ethical character standards; and

(g) Practice of architecture and engineering.

(3) The board may adopt and promulgate rules and regulations to implement the code of practice.

(4) The board may publish commentaries regarding the code of practice. The commentaries shall explain the meaning of interpretations given to the code by the board.