§ 695-C — Functions of the comptroller and the corporation

New York § 695-C

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Art. 14-A: New York State College Choice Tuition Savings Program

Text

§ 695-c. Functions of the comptroller and the corporation. 1. The\ncomptroller and the corporation shall implement the program under the\nterms and conditions established by this article and a memorandum of\nunderstanding relating to any terms or conditions not otherwise\nexpressly provided for in this article.\n 2. In furtherance of such implementation the memorandum of\nunderstanding shall address the authority and responsibility of the\ncomptroller and the corporation to:\n a. develop and implement the program in a manner consistent with the\nprovisions of this article through rules and regulations established in\naccordance with the state administrative procedure act;\n b. engage the services of consultants on a contract basis for\nrendering professional and technical assistance and advice;\n c. seek rulings and other guidance from the United States Department\nof Treasury and the Internal Revenue Service relating to the program;\n d. make changes to the program required for the participants in the\nprogram to obtain the federal income tax benefits or treatment provided\nby section 529 of the Internal Revenue Code of 1986, as amended, or any\nsimilar successor legislation;\n e. charge, impose, and collect administrative fees and service\ncharges in connection with any agreement, contract or transaction\nrelating to the program;\n f. develop marketing plans and promotion material;\n g. establish the methods by which the funds held in such accounts be\ndispersed;\n h. establish the method by which funds shall be allocated to pay for\nadministrative costs; and\n i. do all things necessary and proper to carry out the purposes of\nthis article.\n