OFFICE OF THE STATE TREASURER
14.56
14.56
Office of state treasurer; creation. There is created an office of the state treasurer under the direction and supervision of the state treasurer.
14.57
14.57
Same; attached boards. There is created a college savings program board that is attached to the office of the state treasurer under
s. 15.03 and that consists of all of the following members:
14.57(1)
(1) The state treasurer or his or her designee.
14.57(2)
(2) The president of the board of regents of the University of Wisconsin System or his or her designee.
14.57(3)
(3) The president of the Wisconsin Association of Independent Colleges and Universities or his or her designee.
14.57(4)
(4) The chairperson of the investment board or his or her designee.
14.57(5)
(5) The president of the technical college system board or his or her designee.
14.57(6)
(6) Six other members, appointed for 4-year terms.
14.57 History
History: 1999 a. 44.
14.58
14.58
Duties of state treasurer. The state treasurer shall:
14.58(1)
(1) Sign checks, share drafts, and other drafts. Sign checks, share drafts, and other drafts on depositories in which moneys may be deposited in one of the following methods:
14.58(1)(b)
(b) By an assistant state treasurer, appointed as provided in
s. 14.62, in the name of the state treasurer;
14.58(1)(c)
(c) In the name of the state treasurer, by any clerk in the treasurer's office designated by the treasurer; or
14.58(1)(d)
(d) By placing on a check, share draft or other draft the facsimile signature of the state treasurer adopted by him or her as a facsimile signature. Any depository shall be fully warranted and protected in making payment on any check, share draft or other draft bearing such facsimile notwithstanding that the facsimile may have been placed on the check, share draft or other draft without the state treasurer's authority.
14.58(7)
(7) Permit examination of books. Permit at all times inspection and examination of the books, papers and transactions of the treasurer's office by the governor, secretary of state, attorney general, department of administration or state auditor, or by the legislature, any committee thereof or either house thereof.
14.58(11)
(11) Make certified copies. Make a certified copy of any deed, bond, document or paper filed in the treasurer's office, and transcripts from the books and records kept therein, when required by any person so to do; and collect therefor 25 cents per folio, and $1 for such certificate.
14.58(14)
(14) Other duties. Perform all other duties imposed upon the state treasurer by law.
14.58(20)
(20) Election campaign fund. Make disbursements to each candidate certified under
s. 7.08 (2) (c) or
(cm) by the government accountability board as eligible to receive moneys from the Wisconsin election campaign fund.
14.58 History
History: 1971 c. 164 s.
90;
1973 c. 333;
1975 c. 180,
189,
198,
421;
1977 c. 107;
1977 c. 196 s.
131;
1979 c. 34,
221;
1981 c. 20;
1983 a. 27;
1983 a. 36 s.
96 (2);
1983 a. 51;
1983 a. 189 s.
329 (21);
1983 a. 368,
408,
524,
538;
1985 a. 29;
1989 a. 31;
1991 a. 39,
189,
299,
316;
1995 a. 201;
2003 a. 33,
139;
2007 a. 1.
14.59
14.59
Training conferences. The state treasurer may conduct conferences for the purpose of training county and municipal clerks and treasurers, and employees of their offices, in their official responsibilities. The treasurer may charge participants in any conference a fee for participation which shall not exceed the proportionate cost of conducting the conference. The treasurer shall credit all revenues from fees assessed under this section to the appropriation account under
s. 20.585 (1) (h).
14.59 History
History: 1995 a. 27.
14.60
14.60
State treasurer's bond. The bond of the state treasurer shall extend to the faithful execution of the duties of the office of state treasurer until a successor is elected and fully qualified. If the treasurer elects to give bond guaranteed by a surety company, the cost thereof and of any additional bond required of and furnished by the treasurer and so guaranteed shall be borne by the state and shall be paid out of the appropriation to the office of the state treasurer; if the annual cost thereof does not exceed 0.25% of the amount of said bond.
14.60 History
History: 1991 a. 316.
14.62
14.62
Assistant state treasurer; oath; bond; powers. The state treasurer may appoint, in writing, an assistant state treasurer to perform any of the duties of the state treasurer, except to serve as a member of the board of commissioners of public lands. The assistant state treasurer shall take and subscribe the oath of office prescribed by
article IV, section 28, of the constitution and shall give bond to the state treasurer in the sum and with the conditions the state treasurer prescribes, conditioned for the faithful discharge of the duties. The oath of the assistant state treasurer and the certificate of appointment shall be filed and preserved in the office of the secretary of state. The state treasurer may require any employee to give bond to the state in the amount and with the conditions the state treasurer prescribes, conditioned for the faithful discharge of their duties. The cost of the bonds shall be charged to the appropriations under
s. 20.585.
14.62 History
History: 1983 a. 192,
538.
14.63
14.63
College tuition and expenses program. 14.63(1)
(1)
Definitions. In this section:
14.63(1)(a)
(a) "Board" means the board of regents of the University of Wisconsin System.
14.63(1)(b)
(b) "Institution of higher education" means an eligible educational institution, as defined under
26 USC 529.
14.63(2)
(2) Weighted average tuition; tuition unit cost. Annually, the state treasurer and the board jointly shall determine all of the following:
14.63(2)(a)
(a) The weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the academic year that begins on or after the first day of August of the current year. The amount shall be calculated as follows:
14.63(2)(a)1.
1. For each such institution, multiply the tuition charged a full-time undergraduate who is a resident of this state by the number of full-time equivalent resident undergraduates attending the institution.
14.63(2)(a)3.
3. Divide the sum under
subd. 2. by the total number of full-time equivalent resident undergraduates attending such institutions.
14.63(2)(b)
(b) The price of a tuition unit, which shall be valid for a period determined jointly by the state treasurer and the board. The price shall be sufficient to ensure the ability of the state treasurer to meet his or her obligations under this section. To the extent possible, the price shall be set so that the value of the tuition unit in the anticipated academic year of its use will be equal to 1% of the weighted average tuition for that academic year plus the costs of administering the program under this section attributable to the unit.
14.63(3)
(3) College tuition and expenses contracts. 14.63(3)(a)(a) An individual, trust, legal guardian, or entity described under
26 USC 529 (e) (1) (C) may enter into a contract with the state treasurer for the sale of tuition units on behalf of a beneficiary.
14.63(3)(b)
(b) The contract shall specify the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education.
14.63(3)(c)
(c) The state treasurer may charge a purchaser an enrollment fee.
14.63(3)(d)
(d) The state treasurer shall promulgate rules authorizing a person who has entered into a contract under this subsection to change the beneficiary named in the contract.
14.63(4)
(4) Number of tuition units purchased. A person who enters into a contract under
sub. (3) may purchase tuition units at any time and in any number, except that the total number of tuition units purchased on behalf of a single beneficiary may not exceed the number necessary to cover tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance of the beneficiary at an institution of higher education.
14.63(5)(a)(a) Except as provided in
sub. (7m), if an individual named as beneficiary in a contract under
sub. (3) attends an institution of higher education in the United States, each tuition unit purchased on his or her behalf entitles that beneficiary to apply toward the payment of tuition, fees and the costs of room and board, books, supplies and equipment required for enrollment or attendance at the institution an amount equal to 1% of the anticipated weighted average tuition of bachelor's degree-granting institutions within the University of Wisconsin System for the year of attendance, as estimated under
sub. (2) in the year in which the tuition unit was purchased.
14.63(5)(b)
(b) Upon request by the beneficiary, the state treasurer shall pay to the institution or beneficiary, whichever is appropriate, in each semester of attendance the lesser of the following:
14.63(5)(b)1.
1. An amount equal to the value of each tuition unit, as determined under
par. (a), multiplied by the number of tuition units purchased on behalf of the beneficiary and not used.
14.63(5)(b)2.
2. An amount equal to the sum of the institution's tuition, fees and the costs described in
par. (a) for that semester.
14.63(6)(a)(a) A contract under
sub. (3) may be terminated by the person entering into the contract if any of the following occurs:
14.63(6)(a)1.
1. The beneficiary dies or is permanently disabled.
14.63(6)(a)2.
2. The beneficiary graduates from high school but is unable to gain admission to an institution of higher education after a good faith effort.
14.63(6)(a)3.
3. The beneficiary attended an institution of higher education but involuntarily failed to complete the program in which he or she was enrolled.
14.63(6)(a)4.
4. The beneficiary is at least 18 years old and one of the following applies:
14.63(6)(a)4.b.
b. The beneficiary has decided not to attend an institution of higher education.
14.63(6)(a)4.c.
c. The beneficiary attended an institution of higher education but voluntarily withdrew without completing the program in which he or she was enrolled.
14.63(6)(a)5.
5. Other circumstances determined by the state treasurer to be grounds for termination.
14.63(6)(b)
(b) The state treasurer may terminate a contract under
sub. (3) if any of the tuition units purchased under the contract remain unused 10 years after the anticipated academic year of the beneficiary's initial enrollment in an institution of higher education, as specified in the contract.
14.63(7)(a)(a) Except as provided in
sub. (7m), the state treasurer shall do all of the following:
14.63(7)(a)1.
1. When a beneficiary completes the program in which he or she is enrolled, if the beneficiary has not used all of the tuition units purchased on his or her behalf, refund to the person who entered into the contract an amount equal to 1% of the anticipated weighted average tuition in the academic year in which the beneficiary completed the program, as estimated under
sub. (2) in the year in which the tuition units were purchased, multiplied by the number of tuition units purchased by the person and not used by the beneficiary.
14.63(7)(a)2.
2. If a contract is terminated under
sub. (6) (a) 1.,
2. or
3., refund to the person who entered into the contract an amount equal to 1% of the anticipated weighted average tuition in the academic year in which the contract is terminated, as estimated under
sub. (2) in the year in which the tuition units were purchased, multiplied by the number of tuition units purchased by the person and not used by the beneficiary.
14.63(7)(a)3.
3. If a contract is terminated under
sub. (6) (a) 4. or
(b), refund to the person who entered into the contract an amount equal to 99% of the amount determined under
subd. 2.
14.63(7)(a)4.
4. If a contract is terminated under
sub. (6) (a) 5., refund to the person who entered into the contract the amount under
subd. 2. or under
subd. 3., as determined by the state treasurer.
14.63(7)(a)5.
5. If the beneficiary is awarded a scholarship, tuition waiver or similar subsidy that cannot be converted into cash by the beneficiary, refund to the person who entered into the contract, upon the person's request, an amount equal to the value of the tuition units that are not needed because of the scholarship, waiver or similar subsidy and that would otherwise have been paid by the state treasurer on behalf of the beneficiary during the semester in which the beneficiary is enrolled.
14.63(7)(b)
(b) The state treasurer shall determine the method and schedule for the payment of refunds under this subsection.
14.63(7m)
(7m) Tuition unit value adjustment; refund adjustment. 14.63(7m)(a)(a) The state treasurer may adjust the value of a tuition unit based on the actual earnings attributable to the tuition unit less the costs of administering the program under this section that are attributable to the tuition unit if any of the following applies:
14.63(7m)(a)1.
1. The individual named as the beneficiary in a contract under
sub. (3) wishes to use the tuition unit for the payment of tuition in a year other than the anticipated academic year of attendance, as specified in the contract.
14.63(7m)(a)2.
2. The individual named as the beneficiary in a contract under
sub. (3), or the person who entered into the contract, wishes to receive a refund under
sub. (7) in a year other than the anticipated academic year of the beneficiary's attendance, as specified in the contract.
14.63(7m)(b)
(b) The state treasurer may not increase the value of a tuition unit under
par. (a) to an amount that exceeds the value of a tuition unit that was purchased at a similar time, held for a similar period and used or refunded in the anticipated academic year of the beneficiary's attendance, as specified in the contract.
14.63(7m)(c)
(c) The state treasurer may promulgate rules imposing or increasing penalties for refunds under
sub. (7) (a) if the state treasurer determines that such rules are necessary to maintain the status of the program under this section as a qualified state tuition program under section
529 of the Internal Revenue Code, as defined in
s. 71.01 (6).
14.63(8)
(8) Exemption from garnishment, attachment and execution. Moneys deposited in the tuition trust fund and a beneficiary's right to the payment of tuition, fees and the costs described in
sub. (5) (a) under this section are not subject to garnishment, attachment, execution or any other process of law.
14.63(9)
(9) Contract with actuary. The state treasurer shall contract with an actuary or actuarial firm to evaluate annually whether the assets in the tuition trust fund are sufficient to meet the obligations of the state treasurer under this section and to advise the state treasurer on setting the price of a tuition unit under
sub. (2) (b).
14.63(10)(a)(a) Annually, the state treasurer shall submit a report to the governor, and to the appropriate standing committees of the legislature under
s. 13.172 (3), on the program under this section. The report shall include any recommendations for changes to the program that the state treasurer determines are necessary to ensure the sufficiency of the tuition trust fund to meet the state treasurer's obligations under this section.
14.63(10)(b)
(b) The state treasurer shall submit a quarterly report to the state investment board projecting the future cash flow needs of the tuition trust fund. The state investment board shall invest moneys held in the tuition trust fund in investments with maturities and liquidity that are appropriate for the needs of the fund as reported by the state treasurer in his or her quarterly reports. All income derived from such investments shall be credited to the fund.
14.63(11)(a)(a) Nothing in this section guarantees an individual's admission to, retention by or graduation from any institution of higher education.
14.63(11)(b)
(b) The requirements to pay tuition, fees and the costs of room and board, books, supplies and equipment under
sub. (5) and to make refunds under
sub. (7) are subject to the availability of sufficient assets in the tuition trust fund.
14.63(11m)
(11m) Financial aid calculations. The value of tuition units shall not be included in the calculation of a beneficiary's eligibility for state financial aid for higher education if the beneficiary notifies the higher educational aids board and the institution of higher education that the beneficiary is planning to attend that he or she is a beneficiary of a contract under this section and the contract owner agrees to release to the higher educational aids board and the institution of higher education information necessary for the calculation under this subsection.
14.63(12)
(12) Additional duties and powers of the state treasurer. 14.63(12)(a)(a) The state treasurer shall do all of the following:
14.63(12)(a)1.
1. Annually publish a list of the institutions of higher education located in this state and the number of tuition units necessary to pay for one year of full-time attendance as a resident undergraduate at each institution.
14.63(12)(a)3.
3. Promulgate rules to implement and administer this section.
