Idaho Code 26-3003 – Debit Card Authority and Bond
Current as of: 2023 | Check for updates
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(1) Any college or university located in Idaho may make available to its student body and to members of its faculty and staff a university debit card program. A debit card transaction may be used only to purchase goods or services from the college or university or through its approved vendor located on the principal campus of the college or university, which goods or services traditionally are provided by a college or university to its students, faculty or staff.
(2) A surety bond in a form approved by the governing authority of the college or university in the amount of ten thousand dollars ($10,000) shall be maintained for each employee of the college or university with access to the funds maintained in the university debit card program.
Terms Used In Idaho Code 26-3003
- Debit card transaction: means the purchase of either goods or services, or both, whereby payment is made through the means of a point of sale or other payment system maintained by the college or university which results in a charge to a credit balance maintained by a registered student or a member of its faculty or staff with the college or university business office. See Idaho Code 26-3002
- University debit card: means a card issued by a college or university located in this state to a registered student or a member of its faculty or staff which permits such persons to draw against funds on deposit with the college or university business office for the purchase of goods or services. See Idaho Code 26-3002
- University debit card program: means a financial arrangement whereby a college or university allows a registered student or a member of its faculty or staff to place funds on deposit with the college or university business office against which such persons may draw, through a debit card transaction, for the purchase of either goods or services or both. See Idaho Code 26-3002