In addition to the authority to promulgate the rules and regulations to effectuate chapter 519 of the Public Acts of 2012 relative to determinations of delinquency or default for student loans, the Tennessee student assistance corporation (TSAC) is authorized to promulgate necessary rules and regulations to determine whether any lawyer who is licensed by the Tennessee supreme court, or any person who is licensed in any other profession, trade, occupation, business or industry licensed by any agency in Tennessee is delinquent or in default on any service obligation or repayment under any federal family education loan program, the federal Higher Education Act of 1965 (20 U.S.C. § 1001 et seq.), as amended, a student loan guaranteed or administered by TSAC or any other state or federal educational loan or service-conditional scholarship program. Such rules and regulations shall provide for notice and a hearing to determine the amount of the debt, whether the debt is delinquent or in default on any repayment or service obligation, whether the debtor has entered into a payment plan or service obligation approved by the guarantee agency, is willing to enter into a payment plan or service obligation plan approved by TSAC or the guarantee agency or is eligible for deferment or forbearance. TSAC shall notify the supreme court or the licensing agency if the debtor is delinquent or in default, or if the debtor, without good cause, fails to respond to the notice of intent to file an order seeking the suspension, denial or revocation of the debtor's license, fails to timely request a hearing, or fails to appear at a scheduled hearing. The rules and regulations shall also provide that when TSAC determines that a debt or service obligation has been satisfied in full that TSAC shall notify the supreme court or licensing agency that the debtor is no longer delinquent or in default.