Senate Bill 752 establishes a new WisKids savings account program within Wisconsin's college savings program, aimed at providing financial support for qualified higher education expenses for children born or adopted in the state. The Department of Financial Institutions (DFI) is tasked with creating a master holding account and potentially additional accounts to facilitate these savings. The bill mandates that DFI deposit at least $25 into the account of eligible children upon receiving birth information from the Department of Health Services (DHS) or proof from a parent, provided that funds are available. Additionally, the bill allows for contributions from any person on behalf of program participants and sets a cap on total annual deposits at $2,000,000.

The bill also includes provisions for data sharing between DHS and DFI, allowing the state registrar of vital records to disclose necessary information for administering the program. It outlines the conditions under which a child may opt out of the program and specifies the circumstances under which DFI can remove a program participant from the program. Furthermore, the bill amends existing statutes to incorporate the new WisKids program, ensuring that it aligns with the current college savings framework while providing specific exceptions and requirements for the new initiative.

Statutes affected:
Bill Text: 224.50(2)(a), 224.50, 224.50(3)(bm)