TITLE 26

BANKS AND BANKING

CHAPTER 30

UNIVERSITY DEBIT CARD ACT

26-3002.  Definitions. As used in this chapter and unless the context otherwise requires:

(1)  "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.

(2)  "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.

(3)  "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.

History:

[26-3002, added 1995, ch. 133, sec. 1, p. 579.]