This text of New York § 695-B (Definitions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 695-b. Definitions. As used in this article, the following terms\nshall have the following meanings:\n 1. "Account" or "family tuition account" shall mean an individual\nsavings account established in accordance with the provisions of this\narticle.\n 2. "Account owner" shall mean a person who enters into a tuition\nsavings agreement pursuant to the provisions of this article, including\na person who enters into such an agreement as a fiduciary or agent on\nbehalf of a trust, estate, partnership, association, company or\ncorporation. The account owner may also be the designated beneficiary of\nthe account.\n 3. "Designated beneficiary" shall mean, with respect to an account or\naccounts, the individual designated as the individual whose higher\neducation expenses are expected to be
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§ 695-b. Definitions. As used in this article, the following terms\nshall have the following meanings:\n 1. "Account" or "family tuition account" shall mean an individual\nsavings account established in accordance with the provisions of this\narticle.\n 2. "Account owner" shall mean a person who enters into a tuition\nsavings agreement pursuant to the provisions of this article, including\na person who enters into such an agreement as a fiduciary or agent on\nbehalf of a trust, estate, partnership, association, company or\ncorporation. The account owner may also be the designated beneficiary of\nthe account.\n 3. "Designated beneficiary" shall mean, with respect to an account or\naccounts, the individual designated as the individual whose higher\neducation expenses are expected to be paid from the account or accounts.\n 4. "Financial organization" shall mean an organization authorized to\ndo business in the state of New York and (a) which is an authorized\nfiduciary to act as a trustee pursuant to the provisions of an act of\ncongress entitled "Employee Retirement Income Security Act of 1974" as\nsuch provisions may be amended from time to time, or an insurance\ncompany; and (b)(i) is licensed or chartered by the department of\nfinancial services, (ii) is chartered by an agency of the federal\ngovernment, (iii) is subject to the jurisdiction and regulation of the\nsecurities and exchange commission of the federal government, or (iv) is\nany other entity otherwise authorized to act in this state as a trustee\npursuant to the provisions of an act of congress entitled "Employee\nRetirement Income Security Act of 1974" as such provisions may be\namended from time to time.\n 5. "Eligible educational institution" shall mean (a) any institution\nof higher education defined as an eligible educational institution in\nsection 529(e)(5) of the Internal Revenue Code of 1986, as amended, or\n(b) any apprenticeship program described in section 529(c)(8) of the\nInternal Revenue Code of 1986, as amended.\n 6. "Member of family" shall mean a family member as defined in section\n529 of the Internal Revenue Code of 1986, as amended.\n 7. "Program" shall mean the New York state college choice tuition\nsavings program established pursuant to this article.\n 8. "Qualified higher education expenses" shall mean any qualified\nhigher education expense included in section 529 of the Internal Revenue\nCode of 1986, as amended.\n 9. "Qualified withdrawal" shall mean a withdrawal from an account:\n a. to pay the qualified higher education expenses of the designated\nbeneficiary of the account at an eligible educational institution;\n b. to pay principal and interest on any qualified education loan as\nprovided for in section 529(c)(9) of the Internal Revenue Code of 1986,\nas amended; and\n c. to make a rollover to a Roth Individual Retirement Account as\nprovided for in section 529(c)(3)(E) of the Internal Revenue Code of\n1986, as amended.\n 10. "Nonqualified withdrawal" shall mean a withdrawal from an account\nbut shall not mean:\n a. a qualified withdrawal;\n b. a withdrawal made as the result of the death or disability of the\ndesignated beneficiary of an account; or\n c. a withdrawal made on the account of a scholarship.\n 11. "Corporation" shall mean the New York state higher education\nservices corporation.\n 12. "Comptroller" shall mean the comptroller of the state of New York.\n 13. "Management contract" shall mean the contract executed by the\ncomptroller and a financial organization selected to act as a depository\nand manager of the program.\n 14. "Tuition savings agreement" shall mean an agreement between the\ncomptroller or a financial organization and the account owner.\n 15. "Program manager" shall mean a financial organization selected by\nthe comptroller to act as a depository and manager of the program.\n