Section Adm 81.04 - Opening an account(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. Adm 81.09 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.Wis. Admin. Code Department of Administration Adm 81.04
CR 02-009: cr. Register January 2003 No. 565, eff. 2-1-03; correction in (1) made under s. 13.92(4) (b) 7, Stats., Register December 2011 No. 672.