The board of trustees of a school district that allows students to use a prepaid meal card or account to purchase meals served at schools in the district shall adopt a grace period policy regarding the use of the cards or accounts. The policy:

(1)  must allow a student whose meal card or account balance is exhausted or insufficient to continue, for a period determined by the board, to purchase meals by:

• (A)  accumulating a negative balance on the student’s card or account; or
• (B)  otherwise receiving an extension of credit from the district; (2)  must require the district to notify the parent of or person standing in parental relation to the student that the student’s meal card or account balance is exhausted; (3)  may not permit the district to charge a fee or interest in connection with meals purchased under Subdivision (1); and (4)  may permit the district to set a schedule for repayment on the account balance as part of the notice to the parent or person standing in parental relation to the student