17. Deductions from money payable under insurance policy

Where any person is entitled to any sum of money payable under an insurance policy issued by the Board and the Board is satisfied that any sum is due from that person to an approved credit agency in repayment of the whole or any part of a loan granted by such agency to that person or in payment of any interest on that loan, the Board may cause the sum due to such approved credit agency to be deducted from the amount payable under such insurance policy and to be remitted to such agency.