state's qualified tuition program, an account owner may deposit all or part of the funds from an
account in that state's qualified tuition program to a new account in the program as provided
under section 529 of the internal revenue code, and any regulations issued thereunder 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.
SECTION 4. DFI-CSP 1.12 is amended to read:
DFI-CSP 1.12 Refund of qualified distribution payment. An eligible educational institution that owes a full or partial refund of a qualified distribution due to an overpayment of educational expenses or for any other reason shall pay the refund directly to the program manager for credit
to the applicable designated beneficiary's account. A refund may not be paid directly to the
designated beneficiary or account owner in any manner permitted by section 529 of the internal
revenue code.
SECTION 5. EFFECTIVE DATE. This rule shall take effect on the first day of the month following publication in the Wisconsin Administrative Register as provided in s. 227.22 (2) (intro.), Stats.
Department of Financial Institutions
Date: 04/23/2020 By: /s/ Matthew Lynch
Matthew Lynch Chief Legal Counsel
