(1g) In this section, “department” means the department of financial institutions. (1m) The department shall determine the factors to be considered in selecting a vendor of the program under s. 224.50, which shall include: (a) The person’s ability to satisfy record-keeping and reporting requirements. (b) The fees, if any, that the person proposes to charge account owners. (c) The person’s plan for promoting the college savings pro- gram and the investment that the person is willing to make to promote the program. (d) The minimum initial contribution or minimum contributions that the person will require. (e) The ability and willingness of the person to accept electronic contributions. (f) The ability of the person to augment the college savings program with additional, beneficial services related to the program. (2) The department shall solicit competitive sealed proposals under s. 16.75 (2m) from nongovernmental persons to serve as vendor of the college savings program. The department shall select the vendor based upon factors determined by the department under sub. (1m). (3) The contract between the department and the vendor shall ensure all of the following: (a) That the vendor reimburses the state for all administrative costs that the state incurs for the college savings program. (b) That a firm of certified public accountants selected by the vendor annually audits the college savings program and provides a copy of the audit to the college savings program board. (c) That each account owner receives a quarterly statement that identifies the contributions to the college savings account during the preceding quarter, the total contributions to and the value of the college savings account through the end of the preceding quarter and any distributions made during the preceding quarter. (d) That the vendor communicate to the beneficiary and account owner the requirements of s. 224.50 (8).
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