224.50(3)(b) (b) An individual may be the beneficiary of more than one college savings account, and an account owner may be the beneficiary of a college savings account that the account owner has established.

224.50(3)(bm) (bm) Beginning on August 1, 2015, no contribution may be made to an account if the contribution would cause the account balance of a beneficiary's account, or the combined balance of all accounts of a beneficiary, to exceed $425,000. This contribution limitation applies to all accounts that are established on and after that date, and to all accounts that are in existence on that date that have not yet reached the balance limit specified in this paragraph, subject to the annual increase described in sub. (2) (i).

224.50(3)(c) (c) The board shall establish a minimum initial contribution to a college savings account that may be waived if the account owner agrees to contribute to a college savings account through a payroll deduction or automatic deposit plan. The board shall ensure that any such plan permits the adjustment of scheduled deposits because of a change in the account owner's economic circumstances or a beneficiary's educational plans.

224.50(3)(d) (d) An account owner under this section may terminate his or her college savings account if any of the following occurs:

224.50(3)(d)1. 1. The beneficiary dies or is permanently disabled.

224.50(3)(d)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.

224.50(3)(d)3. 3. The beneficiary attended an institution of higher education but involuntarily failed to complete the program in which he or she was enrolled.

224.50(3)(d)4. 4. The beneficiary is at least 18 years old and one of the following applies:

224.50(3)(d)4.a. a. The beneficiary has not graduated from high school.

224.50(3)(d)4.b. b. The beneficiary has decided not to attend an institution of higher education.

224.50(3)(d)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.

224.50(3)(d)5. 5. Other circumstances determined by the board to be grounds for termination.

224.50(3)(e) (e) The board may terminate a college savings account if any portion of the college savings account balance remains unused 10 years after the anticipated academic year of the beneficiary's initial enrollment in an eligible educational institution.

224.50(4) (4)  Contracts with professionals. The board may enter into a contract for the services of accountants, attorneys, consultants and other professionals to assist in the administration and evaluation of the college savings program.

224.50(5) (5)  Report. Annually, the board shall submit a report to the governor, and to the appropriate standing committees of the legislature under s. 13.172 (3), on the performance of the college savings program, including any recommended changes to the program.

224.50(6) (6)  Construction. Nothing in this section guarantees an individual's admission to, retention by or graduation from any institution of higher education; a rate of interest or return on a college savings account; or the payment of principal, interest or return on a college savings account.

224.50(7) (7)  Exemption from garnishment, lien, levy, attachment and execution; security for loan.

224.50(7)(a) (a) An account established under this section is not subject to garnishment, lien, levy, attachment, execution or other process of law.

224.50(7)(b) (b) No interest in a college savings account may be pledged as security for a loan.

224.50(8) (8)  Financial aid calculations. The balance of a college savings account 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 eligible educational institution that the beneficiary is planning to attend that he or she is a beneficiary of a college savings account and if the account owner agrees to release to the higher educational aids board and the eligible educational institution information necessary for the calculation under this subsection.

224.50 History History: 1999 a. 44; 2001 a. 7, 38; 2011 a. 32 s. 76; Stats. 2011 s. 16.641; 2013 a. 227; 2015 a. 55; 2017 a. 59 ss. 149, 1705; Stats. 2017 s. 224.50; 2017 a. 231.

224.50 Cross-reference Cross-reference: See also ch. DFI-CSP 1, Wis. adm. code.

224.51 224.51  College savings program vendor.

224.51(1g) (1g)  In this section, “department” means the department of financial institutions.

224.51(1m) (1m) The department shall determine the factors to be considered in selecting a vendor of the program under s. 224.50, which shall include:

224.51(1m)(a) (a) The person's ability to satisfy record-keeping and reporting requirements.

224.51(1m)(b) (b) The fees, if any, that the person proposes to charge account owners.

224.51(1m)(c) (c) The person's plan for promoting the college savings program and the investment that the person is willing to make to promote the program.

224.51(1m)(d) (d) The minimum initial contribution or minimum contributions that the person will require.