March 7, 2006 - Introduced by Senators Darling and Plale, cosponsored by
Representatives Musser, Albers and Jeskewitz. Referred to Committee on
Higher Education and Tourism.
SB661,1,6 1An Act to amend 14.65 (1), 20.585 (2) (t) (title), 20.585 (2) (tm) (title), 25.17 (1)
2(ax), 25.17 (2) (f) and 25.85; and to create 20.585 (2) (u), 20.585 (2) (um), 20.585
3(2) (v), 20.585 (2) (vm), 25.14 (1) (a) 15b., 25.14 (1) (a) 15d., 25.17 (1) (ay), 25.17
4(1) (az), 25.853 and 25.855 of the statutes; relating to: the establishment of a
5college savings program bank deposit trust fund and a college savings program
6credit union deposit trust fund and making appropriations.
Analysis by the Legislative Reference Bureau
Under current law, the College Savings Program Board (board) administers a
college savings program, commonly referred to as "EdVest," under which a person
may establish and contribute money to a college savings account to cover the college
expenses of a beneficiary. As part of EdVest, current law establishes a college savings
program trust fund, consisting of all revenue from enrollment fees for and
contributions to college savings accounts and from distributions and fees paid by the
vendors of those accounts.
This bill establishes a college savings program bank deposit trust fund,
consisting of all revenue from enrollment fees for and contributions to college savings
accounts in which the investment instrument is an account held by a state or
national bank, a state or federal savings bank, a state or federal savings and loan
association, or a savings and trust company that has its main or home office or a
branch office located in this state and that is insured by the Federal Deposit

Insurance Corporation, and all revenue from distributions and fees paid by the
vendors of those investment instruments. The bill also establishes a college savings
program credit union deposit trust fund, consisting of all revenue from enrollment
fees for and contributions to college savings accounts in which the investment
instrument is an account held by a state or federal credit union, including a corporate
central credit union, that has its main or home office or a branch office located in this
state and that is insured by the National Credit Union Administration, and all
revenue from distributions and fees paid by the vendors of those investment
instruments.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB661, s. 1 1Section 1. 14.65 (1) of the statutes is amended to read:
SB661,2,102 14.65 (1) The secretary of administration shall transfer from the tuition trust
3fund or, the college savings program trust fund, the college savings program bank
4deposit trust fund, or the college savings program credit union deposit trust fund
to
5the general fund an amount equal to the amount expended from the appropriations
6under s. 20.505 (9) (a), 1995 stats., s. 20.585 (2) (a), 2001 stats., and s. 20.585 (2) (am),
72001 stats., when the secretary of administration determines that funds in the
8tuition trust fund or the college savings program trust fund
those trust funds are
9sufficient to make the transfer. The secretary of administration may make the
10transfer in installments.
SB661, s. 2 11Section 2. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert
12the following amounts for the purposes indicated: - See PDF for table PDF
SB661, s. 3 1Section 3. 20.585 (2) (t) (title) of the statutes is amended to read:
SB661,3,32 20.585 (2) (t) (title) Payment of qualified higher education expenses and
3refunds; college savings program
trust fund.
SB661, s. 4 4Section 4. 20.585 (2) (tm) (title) of the statutes is amended to read:
SB661,3,65 20.585 (2) (tm) (title) Administrative expenses; college savings program trust
6fund
.
SB661, s. 5 7Section 5. 20.585 (2) (u) of the statutes is created to read:
SB661,3,118 20.585 (2) (u) Payment of qualified higher education expenses and refunds;
9college savings program bank deposit trust fund.
From the college savings program
10bank deposit trust fund, a sum sufficient for the payment of qualified higher
11education expenses and refunds under s. 14.64 (2) and (3).
SB661, s. 6 12Section 6. 20.585 (2) (um) of the statutes is created to read:
SB661,3,1613 20.585 (2) (um) Administrative expenses; college savings program bank deposit
14trust fund.
From the college savings program bank deposit trust fund, the amounts
15in the schedule for the administrative expenses of the college savings program under
16s. 14.64, including the expense of promoting the program.
SB661, s. 7 17Section 7. 20.585 (2) (v) of the statutes is created to read:
SB661,4,4
120.585 (2) (v) Payment of qualified higher education expenses and refunds;
2college savings program credit union deposit trust fund.
From the college savings
3program credit union deposit trust fund, a sum sufficient for the payment of qualified
4higher education expenses and refunds under s. 14.64 (2) and (3).
SB661, s. 8 5Section 8. 20.585 (2) (vm) of the statutes is created to read:
SB661,4,96 20.585 (2) (vm) Administrative expenses; college savings program credit union
7deposit trust fund.
From the college savings program credit union deposit trust fund,
8the amounts in the schedule for the administrative expenses of the college savings
9program under s. 14.64, including the expense of promoting the program.
SB661, s. 9 10Section 9. 25.14 (1) (a) 15b. of the statutes is created to read:
SB661,4,1111 25.14 (1) (a) 15b. The college savings program bank deposit trust fund.
SB661, s. 10 12Section 10. 25.14 (1) (a) 15d. of the statutes is created to read:
SB661,4,1313 25.14 (1) (a) 15d. The college savings program credit union deposit trust fund.
SB661, s. 11 14Section 11. 25.17 (1) (ax) of the statutes is amended to read:
SB661,4,1615 25.17 (1) (ax) College savings program trust fund (s. 25.85), but subject to s.
1625.17
sub. (2) (f);
SB661, s. 12 17Section 12. 25.17 (1) (ay) of the statutes is created to read:
SB661,4,1918 25.17 (1) (ay) College savings program bank deposit trust fund (s. 25.853), but
19subject to sub. (2) (f);
SB661, s. 13 20Section 13. 25.17 (1) (az) of the statutes is created to read:
SB661,4,2221 25.17 (1) (az) College savings program credit union deposit trust fund (s.
2225.855), but subject to sub. (2) (f);
SB661, s. 14 23Section 14. 25.17 (2) (f) of the statutes is amended to read:
SB661,5,724 25.17 (2) (f) Invest the moneys belonging to the college savings program trust
25fund, the college savings program bank deposit trust fund, and the college savings

1program credit union deposit trust fund
in a manner consistent with the guidelines
2established under s. 14.64 (2) (c), unless the moneys are under the management and
3control of a vendor selected under s. 16.255. In making investments under this
4paragraph, the investment board shall accept any reasonable terms and conditions
5that the college savings program board specifies and is relieved of any obligations
6relevant to prudent investment of the fund, including the standard of responsibility
7under s. 25.15 (2).
SB661, s. 15 8Section 15. 25.85 of the statutes is amended to read:
SB661,5,15 925.85 College savings program trust fund. There is established a separate
10nonlapsible trust fund designated as the college savings program trust fund,
11consisting of all revenue from enrollment fees for and contributions to college savings
12accounts under s. 14.64 and from distributions and fees paid by the vendor under s.
1316.255 (3) other than revenue from those sources that is deposited in the college
14savings program bank deposit trust fund or the college savings program credit union
15deposit trust fund
.
SB661, s. 16 16Section 16. 25.853 of the statutes is created to read:
SB661,6,2 1725.853 College savings program bank deposit trust fund. There is
18established a separate nonlapsible trust fund designated as the college savings
19program bank deposit trust fund, consisting of all revenue from enrollment fees for
20and contributions to college savings accounts under s. 14.64 in which the investment
21instrument is an account held by a state or national bank, a state or federal savings
22bank, a state or federal savings and loan association, or a savings and trust company
23that has its main office or home office or a branch office in this state and that is
24insured by the Federal Deposit Insurance Corporation, and all revenue from

1distributions and fees paid by the vendors of those investment instruments under s.
216.255 (3).
SB661, s. 17 3Section 17. 25.855 of the statutes is created to read:
SB661,6,12 425.855 College savings program credit union deposit trust fund. There
5is established a separate nonlapsible trust fund designated as the college savings
6program credit union deposit trust fund, consisting of all revenue from enrollment
7fees for and contributions to college savings accounts under s. 14.64 in which the
8investment instrument is an account held by a state or federal credit union, including
9a corporate central credit union organized under s. 186.32, that has its main office
10or home office or a branch office located in this state and that is insured by the
11National Credit Union Administration, and all revenue from distributions and fees
12paid by the vendors of those investment instruments under s. 16.255 (3).
SB661,6,1313 (End)
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