695 – Program Established.

§ 695. Program established. There is hereby established the college choice tuition savings program and such program shall be known and may be cited as the “New York state college choice tuition savings program”.

695-A – Purposes.

§ 695-a. Purposes. The purposes of the tuition savings program shall be to authorize the establishment of family tuition accounts and to provide guidelines for the maintenance of such accounts to: 1. Enable residents of this state and other states to benefit from the tax incentive provided for qualified state tuition programs under the Internal […]

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 […]

695-C – Functions of the Comptroller and the Corporation.

§ 695-c. Functions of the comptroller and the corporation. 1. The comptroller and the corporation shall implement the program under the terms and conditions established by this article and a memorandum of understanding relating to any terms or conditions not otherwise expressly provided for in this article. 2. In furtherance of such implementation the memorandum […]

695-D – Powers of the Comptroller.

§ 695-d. Powers of the comptroller. 1. The comptroller may implement the program through use of financial organizations as account depositories and managers. Under the program, individuals may establish accounts directly with an account depository. 2. The comptroller may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations […]

695-E – Program Requirements; Family Tuition Account.

§ 695-e. Program requirements; family tuition account. 1. Family tuition accounts established pursuant to the provisions of this article shall be governed by the provisions of this section. 2. A family tuition account may be opened by any person who desires to save money for the payment of the qualified higher education expenses of the […]

695-F – Program Limitations; Family Tuition Account.

§ 695-f. Program limitations; family tuition account. 1. Nothing in this article shall be construed to: a. give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner; b. guarantee that a designated beneficiary will be admitted to an eligible educational institution; c. create […]

695-G – Scholarships and Financial Aid.

§ 695-g. Scholarships and financial aid. Monies in a family tuition account shall not be used toward the calculation of New York state financial aid under a financial aid program administered by the state.