Wis. Admin. Code Department of Financial Institutions § DFI-CSP 1.04 - Opening an account
Current through March 28, 2022
(1) To open an account, an applicant shall
submit a properly completed and signed application, which incorporates the
program description and participation agreement, to the program manager. A
contribution may be made as provided in s. DFI-CSP 1.09 or by any alternate
method established by the board or the program manager
(2) An applicant shall select an available
investment option in which all contributions to the account shall be invested.
After an account has been opened, the investment option selected may only be
changed as permitted under section 529 of the internal revenue code and any
regulations issued thereunder.
(3)
The participation agreement shall be accompanied by a program description
supplied by the program manager disclosing the program characteristics,
including the investment options, investment risks, program fees, and other
information as determined by the board and the program manager.
(4) Acceptance by the program manager of
application materials, the initial contribution, or selection of contribution
method for processing shall not be deemed an agreement to open an
account.
(5) The program manager
shall accept applications to open accounts and accept subsequent contributions
for a designated beneficiary in the order they are received, up to the maximum
contribution limit.
(6) Upon
determining that an application has met all the requirements for opening an
account, the program manager shall notify the applicant in writing that an
account has been established.
Notes
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