Assembly Bill 762 proposes the establishment of a WisKids savings account program within Wisconsin's existing college savings program, which is managed by the Department of Financial Institutions (DFI). This program aims to create a master holding account and potentially additional accounts to facilitate the distribution of funds for qualified higher education expenses for children born or adopted in Wisconsin. The bill mandates that DFI must deposit at least $25 into these accounts for eligible children, provided that funds are available, and allows for contributions from other individuals. Additionally, the Department of Health Services (DHS) is required to share relevant birth information with DFI to support the program's administration.

The bill also includes specific provisions regarding the management of these accounts, including the maintenance of detailed records for each child, the ability for parents to opt-out of the program, and the conditions under which funds may be redistributed if a child does not utilize the account by a certain age. Notably, the bill amends existing statutes to incorporate these new provisions, including an exception to current disclosure prohibitions to facilitate the sharing of birth information necessary for the program's operation. Overall, the WisKids savings account program is designed to enhance access to higher education funding for Wisconsin children while ensuring proper oversight and management of the funds.

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