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Wisconsin Legislature: SB753: Bill Text
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SB753: Bill Text
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2025 - 2026 LEGISLATURE
LRB-5194/1
ARG:cdc
2025 SENATE BILL 753
December 12, 2025 - Introduced by Senators
Cabral-Guevara
,
Hesselbein
,
Carpenter
,
Keyeski
,
Larson
,
Ratcliff
,
Roys
,
Spreitzer
and
L. Johnson
, cosponsored by Representatives
Behnke
,
Joers
,
Anderson
,
DeSmidt
,
Goodwin
,
Gundrum
,
Kaufert
,
Knodl
,
Kreibich
,
McCarville
,
Piwowarczyk
,
Snodgrass
,
Stroud
,
Subeck
and
Udell
. Referred to Committee on Financial Institutions and Sporting Heritage.
SB753,1,3
1
An Act
to create
20.144 (3) (ti) of the statutes;
relating to:
funding for the
2
department of financial institutions from the college savings program trust
3
fund and making an appropriation.
Analysis by the Legislative Reference Bureau
This bill creates an annual appropriation to the Department of Financial Institutions, from the college savings program trust fund, to fund higher education expenses for children who were born or adopted in this state, reside in this state, and are designated beneficiaries of a college savings account. The bill also creates an additional position in DFI to administer a program in which DFI establishes master or interim holding accounts under the college savings program and makes deposits, for higher education expenses, into accounts established for children who were born or adopted in this state, reside in this state, and are designated beneficiaries of a college savings account. The bill provides funding, from the college savings program trust fund, for this position and for the implementation and administration of the program.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
SB753,1
1
Section
1
.
20.005 (3) (schedule) of the statutes: at the appropriate place,
2
insert the following amounts for the purposes indicated:
-
See PDF for table
SB753,2
10
Section
2
.
20.144 (3) (ti) of the statutes is created to read:
SB753,2,18
11
20.144
(3)
(ti)
College savings deposits; holding accounts; college savings
12
program trust fund.
From the college savings program trust fund, the amounts in
13
the schedule for the department of financial institutions to fund deposits directly
14
from this appropriation or indirectly from any master or interim holding account
15
established by the department under the college savings program into accounts for
16
children who were born or adopted in this state, reside in this state, and are
17
designated beneficiaries of a college savings account under s. 224.50, to be used for
18
qualified higher education expenses.
SB753,3
19
Section
3
. Nonstatutory provisions.
SB753,3,4
20
(
1
)
Additional position.
The authorized FTE positions for the department
21
of financial institutions are increased by 1.0 SEG position, to be funded from the
22
appropriation under s. 20.144 (3) (th), for the purpose of administering a program
23
in which the department establishes master or interim holding accounts under the
1
college savings program and makes deposits into accounts established for children
2
who were born or adopted in this state, reside in this state, and are designated
3
beneficiaries of a college savings account under s. 224.50, to be used for their
4
qualified higher education expenses.
SB753,4
5
Section
4
. Fiscal changes.
SB753,3,17
6
(
1
) In the schedule under s. 20.005 (3) for the appropriation to the department
7
of financial institutions under s. 20.144 (3) (th), the dollar amount for fiscal year
8
2025-26 is increased by $446,900 to provide funding for the implementation and
9
administration of a program in which the department establishes master or interim
10
holding accounts under the college savings program and makes deposits into
11
accounts established for children who were born or adopted in this state, reside in
12
this state, and are designated beneficiaries of a college savings account under s.
13
224.50, to be used for their qualified higher education expenses, and for the position
14
authorized under
Section
3
(
1
) of this act. In the schedule under s. 20.005 (3) for
15
the appropriation to the department of financial institutions under s. 20.144 (3)
16
(th), the dollar amount for fiscal year 2026-27 is increased by $317,900 to provide
17
funding for the ongoing administration of the program described in this subsection.
SB753,3,18
18
(end)
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/2025/related/proposals/sb753
true
proposaltext
/2025/related/proposals/sb753
proposaltext/2025/REG/SB753
proposaltext/2025/REG/SB753
section
true
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