(1) Cash contributions. Any person may make a
contribution to an account of a designated beneficiary. Contributions shall be
made only in cash
contribution limit. Contributions to the accounts established for a designated
beneficiary shall not, in the aggregate, exceed that amount necessary to
provide for the qualified higher education expenses of the designated
beneficiary. The board shall establish from time to time the maximum amount
that may be contributed in the aggregate to the accounts of an individual
designated beneficiary. Contributions in excess of that limit shall not be
accepted and shall be returned to the contributor.
(3) Minimum contribution limit. The minimum
amount contributed at the time an account is opened under s. DFI-CSP 1.04, and
the minimum amount of any additional contribution to be made to an account
shall be established from time to time by the board and set forth in the
program description and participation agreement.
(4) Rollover contributions. Rollovers from
another state's qualified tuition program are permitted to the extent allowed
by that state's program and by section 529 of the internal revenue code. When
making a rollover contribution, the account owner shall complete the forms and
make such disclosures of financial information as set forth in the program
description and participation agreement. If the rollover distribution deposited
in the program account would cause the total account balance of all accounts
for that designated beneficiary to exceed the maximum contribution limit, the
program manager shall refuse the excess funds.
(5) Investment direction prohibition. Except
as permitted under section 529 of the internal revenue code and any regulations
issued thereunder, no person contributing to an account may direct the
investment or investment earnings of any contribution of an account.
Wis. Admin. Code Department of Financial Institutions § DFI-CSP 1.09
cr. Register January 2003 No. 565, eff. 2-1-03; correction in (3) made under s.
13.92(4) (b) 7., Stats., Register December 2011 No. 672; correction in (3) made
under s. 13.92(4) (b) 7., Stats., Register October 2017 No. 742; CR 19-120: am.
May 2020 No. 773, eff. 6/1/2020.