(a) The governing board of a private or independent institution of higher education may establish a program to provide students enrolled at the institution with a debit card.
(b) A student issued a debit card under the program may use the card to purchase merchandise or service available through the institution or through a person authorized to sell merchandise or service at the institution, as determined by the governing board.

(c) The program may allow a person who is in business to sell merchandise or service of the same kind as the merchandise or service that a student may purchase under Subsection (b) to participate in the program under the same or equivalent terms applicable to a person authorized to sell merchandise under Subsection (b) and accept a debit card payment from a student to whom a debit card has been issued under the program for purchase of that merchandise or service.
(d) The private or independent institution of higher education may assess participating businesses a fee for the implementation and administration of the program.
(e) In this section:
(1) “Private or independent institution of higher education” has the meaning assigned by § 61.003.
(2) “Person” has the meaning assigned by § 1.201, Business & Commerce Code.