When any person who has received a loan authorized by the Act shall have failed or refused to make as many as six monthly payments due in accordance with an executed note, then the full amount of remaining principal and interest shall become due and payable immediately and the amount due, the person's name and last known address, and such other information as may be requested by the commissioner shall be reported by the participating institution to the commissioner who shall report such persons to the attorney general. Suit for such remaining sum shall be instituted by the attorney general or any county or district attorney acting for him in the county of the person's residence, the county in which is located the institution at which the person was last enrolled, or in Travis County, unless the attorney general shall find reasonable justification for delaying suit and shall so advise the commissioner in writing. Upon notification by the commissioner of default on a Texas opportunity plan fund loan, the Hinson-Hazlewood College Student Loan Program officer shall cause the records, including transcripts, of the student borrower to become unavailable to him or any other person outside the institution who may request them until the participating institution has been notified by the commissioner that such default has been corrected.