AB321, s. 1
1Section
1. 14.63 (3) (a) of the statutes is repealed and recreated to read:
AB321,2,42
14.63
(3) (a) An individual, trust, legal guardian, or entity described under
26
3USC 529 (e) (1) (C) may enter into a contract with the state treasurer for the sale of
4tuition units on behalf of a beneficiary.
AB321, s. 2
5Section
2. 14.63 (6) (b) of the statutes is amended to read:
AB321,2,96
14.63
(6) (b) The state treasurer
shall may terminate a contract under sub. (3)
7if any of the tuition units purchased under the contract remain unused 10 years after
8the anticipated academic year of the beneficiary's initial enrollment in an institution
9of higher education, as specified in the contract.
AB321,3,2
114.64
(1) (a) "Account owner" means
an individual a person who establishes a
2college savings account under this section.
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14.64
(2) (c)
Invest the Establish investment guidelines for contributions to
6college savings accounts and pay distributions to beneficiaries and eligible
7educational institutions.
AB321,3,1310
14.64
(3) (e) The board
shall may terminate a college savings account if any
11portion of the college savings account balance remains unused 10 years after the
12anticipated academic year of the beneficiary's initial enrollment in an eligible
13educational institution.
AB321,3,1916
20.585
(2) (tm)
General program operations; reimbursement. All From the
17college savings program trust fund, all moneys received from the vendor of the
18college savings program under s.
16.25 16.255 (3) (a) for general programs
19operations.
AB321, s. 7
20Section
7. 20.585 (2) (q) of the statutes is amended to read:
AB321,3,2321
20.585
(2) (q)
Payment of tuition qualified higher education expenses and
22refunds. From the tuition trust fund, a sum sufficient for the payment of
tuition 23qualified higher education expenses and refunds under s. 14.63 (5)
and (7).
AB321, s. 8
24Section
8. 20.585 (2) (r) of the statutes is repealed.
AB321, s. 9
25Section
9. 20.585 (2) (t) of the statutes is created to read:
AB321,4,4
120.585
(2) (t)
College savings program; payment of qualified higher education
2expenses and refunds. From the college savings program trust fund, a sum sufficient
3for the payment of qualified higher education expenses and refunds under s. 14.64
4(2) and (3).
AB321, s. 10
5Section
10. 25.14 (1) (a) 15. of the statutes is created to read:
AB321,4,66
25.14
(1) (a) 15. The college savings program trust fund.
AB321, s. 11
7Section
11. 25.15 (2) (intro.) of the statutes is amended to read:
AB321,4,108
25.15
(2) Standard of responsibility. (intro.)
The Except as provided in s.
925.17 (2) (f), the standard of responsibility applied to the board when it invests money
10or property shall be all of the following:
AB321, s. 12
11Section
12. 25.17 (1) (ax) of the statutes is created to read:
AB321,4,1312
25.17
(1) (ax) College savings program trust fund (s. 25.85), but subject to s.
1325.17 (2) (f);
AB321, s. 13
14Section
13. 25.17 (2) (f) of the statutes is created to read:
AB321,4,2115
25.17
(2) (f) Invest the moneys belonging to the college savings program trust
16fund, as directed by the college savings program board, unless the moneys are under
17the management and control of a vendor selected under s. 16.255. In making
18investments under this paragraph, the investment board shall accept any
19reasonable terms and conditions that the college savings program board specifies
20and is relieved of any obligations relevant to prudent investment of the fund,
21including the standard of responsibility under s. 25.15 (2).
AB321, s. 14
22Section
14. 25.85 of the statutes is created to read:
AB321,5,2
2325.85 College savings program trust fund. There is established a separate
24nonlapsible trust fund designated as the college savings program trust fund,
25consisting of all revenue from enrollment fees for and contributions to college savings
1accounts under s. 14.64 and from distributions and fees paid by the vendor under s.
216.255 (3).
AB321,5,124
(1) The college savings program board may promulgate emergency rules under
5section 227.24 of the statutes initially implementing section 14.64 of the statutes.
6Notwithstanding section 227.24 (1) (c) and (2) of the statutes, the emergency rules
7may remain in effect until the date on which permanent rules take effect.
8Notwithstanding section 227.24 (1) (a) and (3) of the statutes, the college savings
9program board is not required to provide evidence that promulgating an emergency
10rule under this subsection is necessary to preserve the public peace, health, safety,
11or welfare and is not required to provide a finding of emergency for a rule
12promulgated under this subsection.