SB332,8,4
1(5) Report. Annually, the board shall submit a report to the governor, and to
2the appropriate standing committees of the legislature under s. 13.172 (3), on the
3performance of the college savings program, including any recommended changes to
4the program.
SB332,8,8 5(6) Construction. Nothing in this section guarantees an individual's
6admission to, retention by or graduation from any institution of higher education; a
7rate of interest or return on a college savings account; or the payment of principal,
8interest or return on a college savings account.
SB332,8,11 9(7) Exemption from garnishment, attachment and execution; security for
10loan.
(a) A beneficiary's right to qualified withdrawals under this section is not
11subject to garnishment, attachment, execution or other process of law.
SB332,8,1312 (b) No interest in a college savings account may be pledged as security for a
13loan.
SB332,8,17 14(8) Financial aid calculations. No state agency, University of Wisconsin
15System institution or college campus or technical college may include the balance of
16a college savings account in the calculation of a beneficiary's eligibility for state
17financial aid for higher education.
SB332, s. 10 18Section 10. 15.07 (1) (b) 2. of the statutes is created to read:
SB332,8,1919 15.07 (1) (b) 2. College savings program board.
SB332, s. 11 20Section 11. 16.25 of the statutes is created to read:
SB332,8,23 2116.25 College savings program manager. (1) The department shall
22determine the factors to be considered in selecting a person to serve as manager of
23the program under s. 14.64, which shall include:
SB332,8,2424 (a) The person's ability to satisfy record-keeping and reporting requirements.
SB332,8,2525 (b) The fees, if any, that the person proposes to charge account owners.
SB332,9,2
1(c) The person's plan for promoting the college savings program and the
2investment that the person is willing to make to promote the program.
SB332,9,43 (d) The minimum initial contribution or minimum contributions that the
4person will require.
SB332,9,55 (e) The ability and willingness of the person to accept electronic contributions.
SB332,9,76 (f) The ability of the person to augment the college savings program with
7additional, beneficial services related to the program.
SB332,9,11 8(2) The department shall solicit competitive sealed proposals under s. 16.75
9(2m) from nongovernmental persons to serve as manager of the college savings
10program. The department shall select the manager based upon factors determined
11by the department under sub. (1).
SB332,9,13 12(3) The contract between the department and the manager shall ensure all of
13the following:
SB332,9,1514 (a) That the manager reimburses the state for all administrative costs that the
15state incurs for the college savings program.
SB332,9,1816 (b) That a firm of certified public accountants selected by the manager annually
17audits the college savings program and provides a copy of the audit to the college
18savings program board.
SB332,9,2219 (c) That each account owner receives a quarterly statement that identifies the
20contributions to the college savings account during the preceding quarter, the total
21contributions to and the value of the college savings account through the end of the
22preceding quarter and any distributions made during the preceding quarter.
SB332, s. 12 23Section 12. 16.75 (2m) (a) of the statutes is amended to read:
SB332,9,2524 16.75 (2m) (a) If Except as otherwise required by law, if the secretary or his or
25her designee determines that the use of competitive sealed bidding is not practicable

1or not advantageous to this state, the department may solicit competitive sealed
2proposals. Each request for competitive sealed proposals shall state the relative
3importance of price and other evaluation factors.
SB332, s. 13 4Section 13. 20.585 (1) (gm) of the statutes is created to read:
SB332,10,95 20.585 (1) (gm) General program operations; reimbursement. All moneys
6received from the manager of the college savings program under s. 16.25 (3) (a) for
7general programs operations. No moneys may be encumbered under this paragraph
8on or after the first day of the 25th month beginning after the effective date of this
9paragraph .... [revisor inserts date].
SB332, s. 14 10Section 14. 815.18 (3) (p) of the statutes is created to read:
SB332,10,1211 815.18 (3) (p) College savings accounts. An interest in a college savings account
12under s. 14.64.
SB332, s. 15 13Section 15 . Nonstatutory provisions.
SB332,10,2214 (1) (a ) Notwithstanding section 15.07 (1) (b) 2. of the statutes, as created by this
15act, the governor may provisionally appoint initial members of the college savings
16program board under section 14.57 of the statutes, as created by this act. Those
17provisional appointments are in force until the governor withdraws them or the
18senate acts upon them, and if the senate confirms them, they continue for the
19remainder of the unexpired terms, if any, of the members and until successors are
20chosen and qualify. A provisional appointee may exercise all the powers and duties
21of board membership to which the person is appointed during the time in which the
22appointee qualifies.
SB332,11,423 (b) A provisional appointment under paragraph (a) that the governor
24withdraws lapses upon withdrawal and creates a vacancy for the provisional
25appointment of another initial member of the college savings program board. A

1provisional appointment that the governor makes under paragraph (a) and that the
2senate rejects lapses upon rejection and creates a vacancy for nomination and
3appointment under section 15.07 (1) (b) 2. of the statutes, as created by this act, of
4another initial board member.
SB332,11,105 (2) Notwithstanding the length of the terms specified in section 14.57 (3) and
6(6) of the statutes, as created by this act, the initial terms of the member appointed
7under section 14.57 (3) of the statutes, as created by this act, and of 2 of the members
8appointed under section 14.57 (6) of the statutes, as created by this act, expire on May
91, 2003, and the initial terms of 4 of the members appointed under section 14.57 (6)
10of the statutes, as created by this act, expire on May 1, 2005.
SB332, s. 16 11Section 16. Effective dates. This act takes effect on the first day of the 10th
12month following publication, except as follows:
SB332,11,1413 (1) The treatment of sections 14.57 and 15.07 (1) (b) 2. of the statutes and
14Section 15 of this act take effect the day after publication.
SB332,11,1515 (End)
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