SB1036,,27 (a) Money deposited into the fund under s. 224.58 (3) (b) 2.

SB1036,,28 (b) All donations, gifts, grants, bequests, or other contributions deposited into the fund under s. 224.58 (6).

SB1036,,29 (c) All earnings and other investment income of the fund.

SB1036,,30 (2) Except as provided in s. 25.187, moneys in the baby bond fund may be expended only for the purpose of making distributions under s. 224.58 (4) and deposits under s. 224.58 (3) (b) 2.

SB1036,12 Section 12. 69.14 (1) (a) of the statutes is amended to read:

SB1036,,32 69.14 (1) (a) Filing deadline. A record of birth for every birth that occurs in this state shall be filed within 5 days after the birth with the state registrar, who shall register the birth under this subchapter. The state registrar shall submit a copy of the record of birth to the department of financial institutions, but shall redact from the copy any parent’s social security number.

SB1036,13 Section 13. 69.20 (3) (b) 6. of the statutes is created to read:

SB1036,,34 69.20 (3) (b) 6. The information is submitted to the department of financial institutions for the purpose of administering the baby bond program under s. 224.58.

SB1036,14 Section 14. 69.20 (3) (i) of the statutes is created to read:

SB1036,,36 69.20 (3) (i) The state registrar shall disclose information on birth records, other than a parent’s social security number, to the department of financial institutions for use in the administration of the baby bond program under s. 224.58.

SB1036,15 Section 15. 69.22 (6) of the statutes is amended to read:

SB1036,,38 69.22 (6) The state registrar may charge a reasonable fee for providing searches of vital records and for providing copies of vital records to state agencies for program use, except that no fee may be charged for providing a copy of the record of birth to the department of financial institutions under s. 69.14 (1) (a). The register of deeds may provide free searches and free copies to agencies in his or her county at the direction of the county board.

SB1036,16 Section 16. 71.05 (6) (b) 57. of the statutes is created to read:

SB1036,,40 71.05 (6) (b) 57. The amount of a distribution made to an account beneficiary, as defined in s. 224.58 (1) (b), under s. 224.58 (4).

SB1036,17 Section 17. 71.78 (4) (w) of the statutes is created to read:

SB1036,,42 71.78 (4) (w) The department of financial institutions and the department of health services for the purpose of determining eligibility under s. 224.58 (3) (a) 1.

SB1036,18 Section 18. 224.58 of the statutes is created to read:

SB1036,,44 224.58 Baby bond program. (1) Definitions. In this section:

SB1036,,45 (a) “Account” means a baby bond account established by the department under sub. (3).

SB1036,,46 (b) “Account beneficiary” means an individual for whom the department establishes an account.

SB1036,,47 (c) “Domestic business entity” has the meaning given in s. 180.1100 (2).

SB1036,,48 (d) “Eligible expense” means an expense associated with any of the following:

SB1036,,49 1. Postsecondary education of an account beneficiary.

SB1036,,50 2. Child care or education of a minor dependent of the account beneficiary.

SB1036,,51 3. The purchase of a home by an account beneficiary.

SB1036,,52 4. Starting a business by an account beneficiary if the business is a domestic business entity or is a foreign business entity registered or authorized to do business in this state under ch. 178, 179, 180, 181, or 183.

SB1036,,53 5. Contributing to a traditional individual retirement account, a Roth IRA, an account associated with a 401 (k), 403 (b), 457, or Keogh plan, or a similar retirement savings account by an account beneficiary.

SB1036,,54 (e) “Foreign business entity” has the meaning given in s. 180.1100 (3).

SB1036,,55 (f) “Last-known address” means the most recent contact information provided to the department according to the department’s records, which may be either a physical address or an electronic mail address.