§ 695-F — Program limitations; family tuition account

New York § 695-F

• 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-f. Program limitations; family tuition account. 1. Nothing in\nthis article shall be construed to:\n a. give any designated beneficiary any rights or legal interest with\nrespect to an account unless the designated beneficiary is the account\nowner;\n b. guarantee that a designated beneficiary will be admitted to an\neligible educational institution;\n c. create state residency for an individual merely because the\nindividual is a designated beneficiary; or\n d. guarantee that amounts saved pursuant to the program will be\nsufficient to cover the qualified higher education expenses of a\ndesignated beneficiary.\n 2. a. Nothing in this article shall create or be construed to create\nany obligation of the comptroller, the state, or any agency or\ninstrumentality of the state to guarantee for the benefit of any account\nowner or designated beneficiary with respect to:\n (i) the rate of interest or other return on any account; and\n (ii) the payment of interest or other return on any account.\n b. The comptroller and the corporation by rule or regulation shall\nprovide that every contract, application, deposit slip, or other similar\ndocument that may be used in connection with a contribution to an\naccount clearly indicate that the account is not insured by the state\nand neither the principal deposited nor the investment return is\nguaranteed by the state.\n