2023 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 (a) 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, or
  (b) any apprenticeship program described in  section  529(c)(8)  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; or
c. 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.