The Department may:
1. Enter into written agreements providing for the periodic payment of delinquent taxes or fees imposed pursuant to this chapter.
2. Adopt regulations:
(a) Setting forth the permissible terms of those agreements; and
(b) Providing for the cancellation of such an agreement if the person with whom the Department has contracted becomes delinquent in his or her payments pursuant to the agreement or in payment of other taxes or fees owed to the Department pursuant to the provisions of chapter 365, 366, 371, 373 or 482 of NRS.