AB683, s. 4 9Section 4. 16.255 (1) of the statutes is renumbered 16.255 (1m) and amended
10to read:
AB683,3,1311 16.255 (1m) The department shall determine the factors to be considered in
12selecting a vendor of the program under s. 14.64 vendors under sub. (2), which shall
13include:
AB683,3,1514 (a) The person's ability of the vendor to satisfy record-keeping and reporting
15requirements.
AB683,3,1616 (b) The fees, if any, that the person vendor proposes to charge account owners.
AB683,3,1917 (c) The person's plan of the vendor for promoting the college savings program
18and the investment that the person vendor is willing to make to promote the college
19savings
program.
AB683,3,2120 (d) The minimum initial contribution or minimum contributions that the
21person vendor will require.
AB683,3,2422 (e) The ability and willingness of the person vendor to accept electronic
23contributions electronically, through payroll deduction plans, and through other
24deposit plans
.
AB683,4,2
1(f) The ability of the person vendor to augment the college savings program
2with additional, beneficial services related to the college savings program.
AB683, s. 5 3Section 5. 16.255 (1d) of the statutes is created to read:
AB683,4,44 16.255 (1d) In this section:
AB683,4,55 (a) "Board" means the college savings program board.
AB683,4,76 (b) "College savings program" means the college savings program under s.
714.64.
AB683,4,118 (c) "Financial institution" means a bank, savings bank, savings and loan
9association, credit union, insurance company, trust company, investment company,
10investment adviser, or any other similar entity that is authorized to do business in
11this state.
AB683,4,1412 (d) "Vendor" means a financial institution that provides or proposes to provide
13administrative, investment management, and sales, marketing, and distribution
14services for the college savings program.
AB683, s. 6 15Section 6. 16.255 (1g) of the statutes is created to read:
AB683,4,2116 16.255 (1g) The board shall implement the college savings program through
17the use of one or more vendors selected by the department under sub. (2). Under the
18college savings program, an individual, trust, legal guardian, or entity described
19under 26 USC 529 (e) (1) (C) may establish a college savings account through any
20vendor selected by the department and may invest that account in one or more
21investment instruments approved by the board.
AB683, s. 7 22Section 7. 16.255 (1m) (g) of the statutes is created to read:
AB683,4,2323 16.255 (1m) (g) The financial stability and integrity of the vendor.
AB683, s. 8 24Section 8. 16.255 (1m) (h) of the statutes is created to read:
AB683,5,3
116.255 (1m) (h) The safety of the investment instruments being offered by the
2vendor, taking into account any insurance provided with respect to those investment
3instruments.
AB683, s. 9 4Section 9. 16.255 (1m) (i) of the statutes is created to read:
AB683,5,65 16.255 (1m) (i) The ability of the investment instruments being offered by the
6vendor to track future higher education costs as estimated by the board.
AB683, s. 10 7Section 10. 16.255 (1m) (j) of the statutes is created to read:
AB683,5,98 16.255 (1m) (j) Any other benefits to account owners, beneficiaries, and this
9state offered by the vendor.
AB683, s. 11 10Section 11. 16.255 (2) of the statutes is renumbered 16.255 (2) (intro.) and
11amended to read:
AB683,5,2112 16.255 (2) (intro.) The department shall solicit competitive sealed proposals
13under s. 16.75 (2m) from nongovernmental persons to serve as vendor of the college
14savings program. The department
vendors and, from those proposals, shall select
15the vendor based upon as vendors the vendor or vendors that demonstrate the most
16advantageous combination, to account owners, beneficiaries, and this state, of the

17factors determined by the department under sub. (1). (1m). The department may
18select more than one vendor, and the board may approve more than one kind of
19investment instrument to be offered through the college savings program. Any
20decision on the use of multiple vendors or multiple investment instruments shall
21take into account all of the following:
AB683, s. 12 22Section 12. 16.255 (2) (a) of the statutes is created to read:
AB683,5,2423 16.255 (2) (a) The requirements for qualifying as a qualified tuition program
24under 26 USC 529.
AB683, s. 13 25Section 13. 16.255 (2) (b) of the statutes is created to read:
AB683,6,2
116.255 (2) (b) Differing needs of account owners regarding the risk and
2potential return of different investment instruments.
AB683, s. 14 3Section 14. 16.255 (2) (c) of the statutes is created to read:
AB683,6,54 16.255 (2) (c) The administrative costs and burdens that may result from the
5decision.
AB683, s. 15 6Section 15. 16.255 (3) (intro.) of the statutes is amended to read:
AB683,6,87 16.255 (3) (intro.) The A contract between the department and the a vendor
8shall ensure all of the following:
AB683, s. 16 9Section 16. 16.255 (3) (e) of the statutes is created to read:
AB683,6,1310 16.255 (3) (e) That, if more than one vendor is selected under sub. (2), the
11vendor provide the board with information to assist the board in determining
12compliance with the rules promulgated by the board under s. 14.64 (2) (e) relating
13to excess contributions on behalf of a beneficiary.
AB683, s. 17 14Section 17. 25.85 of the statutes is amended to read:
AB683,6,19 1525.85 College savings program trust fund. There is established a separate
16nonlapsible trust fund designated as the college savings program trust fund,
17consisting of all revenue from enrollment fees for and contributions to college savings
18accounts under s. 14.64 and from distributions and fees paid by the a vendor under
19s. 16.255 (3).
AB683, s. 18 20Section 18. Nonstatutory provisions.
AB683,7,221 (1) If a vendor, as defined in section 16.255 (1d) (d) of the statutes, as created
22by this act, is subject to a contract that is in effect on the effective date of this
23subsection and that contains provisions that are inconsistent with section 16.255 of
24the statutes, as affected by this act, then, notwithstanding section 16.255 of the
25statutes, as affected by this act, the vendor may perform its obligations, and exercise

1its rights, under that contract until the contract expires, or is extended, modified, or
2renewed, whichever occurs first.
AB683,7,33 (End)
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