16 Tex. Admin. Code § 402.504
Current through Register Vol. 49, No. 48, November 29, 2024
Section 402.504 - Debit Card Transactions(a) Definitions. The following words and terms, when used in this section, shall have the following meanings, unless the context clearly indicates otherwise: (1) ATM card--An automated teller machine card which allows the holder to withdraw money directly from the holder's bank account. An ATM card is ordinarily utilized in conjunction with a PIN selected by the holder.(2) Check card--Another name for a debit card, a check card may display the logo of the banking institution where the funds supporting the card are held in account.(3) Debit card--A card which may be used as a means of payment under arrangements which do not provide for the extension of credit to the cardholder. The use of a debit card results in a deduction of the transaction amount directly from the cardholder's bank account maintained at the authorizing banking institution. Debit cards come in two forms commonly known as ATM cards and check cards.(4) PIN--A personal identification number which is used as a secure or protected password used in conjunction with a debit card. A PIN may sometimes be used as an electronic signature in transactions involving a debit card.(5) PIN pad--Equipment which may be leased from a vendor and used to identify debit card holders by verifying the authorized PIN submitted during a debit card transaction.(b) A debit card may be accepted only in place of United States currency or a check drawn on a funded bank account.(c) Records. (1) Upon request, a debit card transaction sales receipt must be provided to the purchaser that uses a debit card to buy or use bingo paper/cards, electronic bingo devices or pull tabs. An electronic or hard copy of the debit card transaction sales receipt must be kept by the licensed authorized organization or Unit in order to substantiate compliance with the Bingo Enabling Act and the Charitable Bingo Administrative Rules.(2) Each licensed authorized organization or unit which accepts payment by debit card must maintain records to substantiate: (A) the timely deposit of funds derived from debit card transactions into the organization's or unit's bingo account; and(B) the fees and expenses related to debit card transactions during the calendar quarter in which the debit card transactions occurred.(3) All debit card transactions must be reported on the quarterly reports covering the time period in which the transactions occurred.(4) All records relating to debit card transactions must be kept for four years.16 Tex. Admin. Code § 402.504
The provisions of this §402.504 adopted to be effective March 21, 2005, 30 TexReg 1630; Amended by Texas Register, Volume 41, Number 31, July 29, 2016, TexReg 5536, eff. 8/1/2016