(1) An employer shall enquire from an employee who has had tertiary education in the country at the time of the commencement of the employment, whether the employee is a borrower from the Fund and shall notify the Board in writing within thirty days after receipt of the information.

(2) If the employee is a borrower of the Fund the employee shall provide the employer with proof of full re-payment of the loan.

(3) Where an employee has not fully repaid the loan, the employer shall make monthly deductions from the salary of the employee in accordance with the agreed monthly repayments between the Fund and the borrower and shall pay the deduction into the Fund within fifteen days after the deduction.

(4) Where an employer makes monthly deductions from the salary of an employee but fails to pay the deductions into the Fund within the fifteen day period, the employer is liable to pay interest on the amount deducted at the prevailing interest rate plus five percent as penalty.