In this chapter:
(1) "Account" means a formal record of
transactions maintained for a particular designated beneficiary to meet
qualified higher education expenses under the program.
(2) "Account owner" has the meaning set forth
(3) "Board" means the Wisconsin college
savings program board.
includes checks, money orders, wire transfers, or electronic funds transfers
through payroll deduction, automatic contribution plans or similar methods, but
does not include currency.
"Contribution" means any payment directly allocated to an account for the
benefit of a designated beneficiary or that is used to pay administrative or
other fees associated with the account.
(6) "Department" means the Wisconsin
department of financial institutions.
(7) "Designated beneficiary" has the meaning
found in section 529 (e) (1) of the internal revenue code.
(8) "Eligible educational institution" has
the meaning found in section 529 (e) (5) of the internal revenue
(9) "Maximum contribution
limit" is the sum total market value amount established by the board that may
be accumulated in the accounts of a designated beneficiary to meet qualified
higher education expenses.
"Member of the family" has the meaning found in section 529 (e)(2) of the
internal revenue code.
"Non-qualified distribution" means any distribution of funds from an account
that is not a qualified distribution.
(12) "Person" includes an individual, a
trust, or a body corporate or politic.
(13) "Program" means the qualified tuition
program established under s.
(14) "Program description
and participation agreement" means the contract between an account owner and
the board setting forth the terms and conditions under which the account owner
participates in the program.
"Program manager" means the entity under contract with the department to serve
as the program administrator, marketing agent and investment manager of the
distribution" means any distribution of funds, as defined in section 529 of the
internal revenue code, for qualified higher education expenses from an account
pursuant to a distribution request from the account owner.
(17) "Qualified higher education expenses"
includes any expense treated as a "qualified higher education expense" under
section 529 of the internal revenue code.
(18) "Qualified tuition program" means a
savings program to help defray the cost of college expenses under section 529
of the internal revenue code.
"Rollover contribution" means the transfer of all or part of an account from
one qualified tuition program account to another qualified tuition program