(a) Any public institution of higher education that collects personal information from students, including, but not limited to, names, campus or home addresses, telephone numbers, or other identifying information, for the purpose of using this information in student or campus directories shall include on forms used for such purposes a provision whereby the student may indicate that the student does not wish to receive solicitations, offers, or other advertisements by mail or otherwise based on the directory listing. If a student indicates that the student does not wish to receive solicitations or other such offers, then the student's preference shall be marked by the student's name and the directory shall contain an explanation of the marking.

(b) It is unlawful for any credit card issuer to recruit potential student cardholders or customers for credit card business on campus or at college or university facilities, or through student organizations; provided, however, that colleges and universities may allow recruitment on days when there are athletic events, so long as the recruitment is in accordance with college or university policies.

(c) It is unlawful to knowingly offer gifts or any other promotional incentives to students on campus or at college or university facilities in order to entice the students to apply for credit cards.

(d) Any public institution of higher education that receives funds from the distribution of credit cards to students or any percentage from the use of cards bearing the college or university name or logo shall report the amount of such funds or percentage that it received as well as how the funds were expended during the previous fiscal year to the education committee of the senate and the education committee of the house of representatives by October of each year.

(e) Nothing in this section is intended to or shall impair the obligations, terms, conditions, or value of contracts between credit card companies and public colleges or universities that exist on July 1, 2008.