(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.