When a state college, university, or board determines that a public employee is indebted to the state for debts arising from a defaulted student loan, it may initiate proceedings to collect the debt through deductions from earnings by providing the public employee with the following:
(1) a minimum of 30 days' written notice as provided in Section 53H-12-203;
(2) an opportunity to inspect and copy college, university, or board records relating to the debt;
(3) an opportunity to enter into a written agreement with the college, university, or board, under terms agreeable to the college, university, or board, to establish a schedule for the repayment of the debt; and
(4) an opportunity for a hearing on the determination of the college, university, or board concerning the existence or the amount of the debt in accordance with Sections 53H-12-205 and 53H-12-206 and judicial review of an order of a hearing examiner under Sections 53H-12-208 and 53H-12-209.