(a) A department administrator or disbursing officer shall stop deducting money under this chapter from the compensation of an officer or employee if:
(1) the individual stops being an officer or employee of the department or political subdivision;
(2) the individual notifies the department administrator or disbursing officer by electronic means or in writing that the individual elects to cancel the authorization; or
(3) the arrangement for deducting money by department administrators or disbursing officers is terminated.
(b) On termination as provided by Subsection (a), any money that has been deducted from an officer’s or employee’s compensation but has not been used to purchase savings bonds shall be remitted immediately to the individual from whose compensation the money has been deducted.