(a) The state treasurer shall be the receiving agent for loan payments and credits received under the provisions of this act. The state treasurer shall keep a record of payments received from each person and credited to such person's account obligation.
(b) The state treasurer shall send all accounts which are three or more months delinquent to the executive officer of the state board of regents.
(c) The state treasurer shall adopt rules and regulations to administer the state treasurer's duties under the provisions of this act.