The state board of regents may adopt policies governing the refund of any tuition, fees or charges collected by institutions under the supervision and control of the state board of regents and may authorize the collecting institutions to make direct refunds of tuition, fees or charges from the appropriate fee agency accounts and to adopt procedures for such refunds. Any collecting institution authorized by the state board of regents under this section may make such direct refunds from fee agency accounts only after the director of accounts and reports has approved the procedures adopted by such collecting institution for such direct refunds.