NY Educ L § 695-B (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 14-A - New York State College Choice Tuition Savings Program 695-B - Definitions.

§  695-b.  Definitions.  As  used in this article, the following terms   shall have the following meanings:1. "Account" or "family tuition  account"  shall  mean  an  individual   savings  account  established  in accordance with the provisions of this   article.2. "Account owner" shall mean a  person  who  enters  into  a  tuition   savings  agreement pursuant to the provisions of this article, including   a person who enters into such an agreement as a fiduciary  or  agent  on   behalf   of  a  trust,  estate,  partnership,  association,  company  or   corporation. The account owner may also be the designated beneficiary of   the account.3. "Designated beneficiary" shall mean, with respect to an account  or   accounts,  the  individual  designated  as  the  individual whose higher   education expenses are expected to be paid from the account or accounts.4. "Financial organization" shall mean an organization  authorized  to   do  business  in  the  state  of New York and (a) which is an authorized   fiduciary to act as a trustee pursuant to the provisions of  an  act  of   congress  entitled  "Employee Retirement Income Security Act of 1974" as   such provisions may be amended  from  time  to  time,  or  an  insurance   company;  and  (b)(i)  is  licensed  or  chartered  by the department of   financial services, (ii) is  chartered  by  an  agency  of  the  federal   government,  (iii)  is subject to the jurisdiction and regulation of the   securities and exchange commission of the federal government, or (iv) is   any other entity otherwise authorized to act in this state as a  trustee   pursuant  to  the  provisions  of  an act of congress entitled "Employee   Retirement Income Security Act  of  1974"  as  such  provisions  may  be   amended from time to time.5.  "Eligible  educational  institution" shall mean any institution of   higher education defined  as  an  eligible  educational  institution  in   section 529(e)(5) of the Internal Revenue Code of 1986, as amended.6. "Member of family" shall mean a family member as defined in section   529 of the Internal Revenue Code of 1986, as amended.7.  "Program"  shall  mean  the  New York state college choice tuition   savings program established pursuant to this article.8. "Qualified higher education  expenses"  shall  mean  any  qualified   higher education expense included in section 529 of the Internal Revenue   Code of 1986, as amended.9.  "Qualified  withdrawal" shall mean a withdrawal from an account to   pay  the  qualified  higher  education  expenses   of   the   designated   beneficiary of the account at an eligible educational institution.10.  "Nonqualified withdrawal" shall mean a withdrawal from an account   but shall not mean:a. a qualified withdrawal;b. a withdrawal made as the result of the death or disability  of  the   designated beneficiary of an account; orc. a withdrawal made on the account of a scholarship.11.  "Corporation"  shall  mean  the  New  York state higher education   services corporation.12. "Comptroller" shall mean the comptroller of the state of New York.13. "Management contract" shall mean  the  contract  executed  by  the   comptroller and a financial organization selected to act as a depository   and manager of the program.14.  "Tuition  savings  agreement" shall mean an agreement between the   comptroller or a financial organization and the account owner.15. "Program manager" shall mean a financial organization selected  by   the comptroller to act as a depository and manager of the program.