84.01 – Short Title.

§ 84.01 Short title. This article shall be known and may be cited as the “New York achieving a better life experience (NY ABLE) savings account act”.

84.03 – Definitions.

§ 84.03 Definitions. As used in this article: 1. The term “financial organization” means an organization authorized to do business in the state of New York and which: (a) is licensed or chartered by the department of financial services; (b) is licensed or chartered by an agency of the federal government; or (c) is subject […]

84.05 – Powers and Duties of the Comptroller.

§ 84.05 Powers and duties of the comptroller. 1. The comptroller shall establish a NY ABLE account plan for all eligible individuals for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life. The comptroller is hereby authorized to promulgate any and all rules and regulations necessary for the implementation […]

84.07 – Ny Able Account Advisory Council.

§ 84.07 NY ABLE account advisory council. 1. The NY ABLE account advisory council is hereby established and shall consist of the following persons or their designees: the comptroller, the commissioner of the office of mental health, the commissioner of the office for people with developmental disabilities, the commissioner of the department of health, the […]

84.09 – Program Requirements.

§ 84.09 Program requirements. 1. “NY ABLE” accounts established pursuant to the provisions of this article shall be governed by the provisions of this section. 2. (a) An application for a NY ABLE account shall be in the form prescribed by the program and contain the following: (i) the name, address and social security number […]

84.11 – Distribution Requirements.

§ 84.11 Distribution requirements. Designated beneficiaries shall be eligible for a distribution from the accumulated funds deferred to their NY ABLE savings account established pursuant to this article, in full and partial disbursement options for qualified expenses.