A recipient of a loan made pursuant to NRS 396.890 to 396.898, inclusive, shall comply with the regulations adopted by the Board of Regents. If the recipient fails so to comply, the Board of Regents or its designee may:
1. For each infraction, impose a fine of not more than $200 against any recipient in any academic year, and may deny additional money to any student who fails to pay the fine when due;
2. Increase the portion of any future loan to be repaid by the recipient; and
3. Extend the time a recipient is required to practice nursing to repay his or her loan.