District school boards, 1community college boards of trustees, and university boards of trustees:
(1) Shall exert every effort to collect all delinquent accounts.
(2) May charge off or settle such accounts as may prove uncollectible.
(3) May employ the services of a collection agency when deemed advisable in collecting delinquent accounts.
(4) May adopt rules, as necessary, to implement the provisions of this section, including setoff procedures, payroll deductions, and restrictions on release of transcripts, awarding of diplomas, and access to other resources and services of the school district, 1community college, or university.