A local unit shall not be a party to a credit card arrangement unless the governing body of the local unit has adopted by resolution a written policy that provides all of the following:

    (a) That an officer or employee designated by the credit card policy is responsible for the local unit’s credit card issuance, accounting, monitoring, and retrieval and generally for overseeing compliance with the credit card policy.

    (b) That a credit card may be used only by an officer or employee of the local unit for the purchase of goods or services for the official business of the local unit. In addition, the credit card policy may limit the specific official business for which credit cards may be used. This subdivision does not limit the applicability of chapter XXIVA or section 174, 175, 219a, or 490a of the Michigan penal code, Act No. 328 of the Public Acts of 1931, being section 750.157m to 750.157w, 750.174, 750.175, 750.219a, and 750.490a of the Michigan Compiled Laws; section 1a of the code of criminal procedure, Act No. 175 of the Public Acts of 1927, being section 769.1a of the Michigan Compiled Laws; or any other law, or ordinance, applicable to use of a credit card, issued by a local unit, for other than official business of the local unit.

    (c) That an officer or employee using credit cards issued by the local unit shall submit to the local unit documentation described in the credit card policy detailing the goods or services purchased, the cost of the goods or services, the date of the purchase, and the official business for which purchased.

    (d) That an officer or employee issued a credit card is responsible for its protection and custody and shall immediately notify the local unit if the credit card is lost or stolen.

    (e) That an officer or employee issued a credit card shall return the credit card upon the termination of his or her employment or service in office with the local unit.

    (f) For a system of internal accounting controls to monitor the use of credit cards issued by the local unit.

    (g) For the approval of credit card invoices before payment.

    (h) That the balance including interest due on an extension of credit under the credit card arrangement shall be paid for within not more than 60 days of the initial statement date. The local unit shall comply with this provision of the credit card policy.

    (i) For disciplinary measures consistent with law for the unauthorized use of a credit card by an officer or employee of the local unit.

    (j) Any other matters the governing body considers advisable.