Terms Used In New York Laws > Education > Title 1 > Article 14-A - New York State College Choice Tuition Savings Program

• 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. See N.Y. Education Law 695-B
• Adoption: means the delivery to any natural person eighteen years of age or older, for the limited purpose of harboring a pet, of any dog or cat, seized or surrendered. See N.Y. Agriculture and Markets Law 350
• Animal: as used in this article , includes every living creature except a human being;
  
  2. See N.Y. Agriculture and Markets Law 350
• Animal: means a dog or a cat. See N.Y. Agriculture and Markets Law 400
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Comptroller: shall mean the comptroller of the state of New York. See N.Y. Education Law 695-B
• Consumer: means any individual purchasing an animal from a pet dealer. See N.Y. Agriculture and Markets Law 400
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: shall mean the New York state higher education services corporation. See N.Y. Education Law 695-B
• cruelty: includes every act, omission, or neglect, whereby unjustifiable physical pain, suffering or death is caused or permitted. See N.Y. Agriculture and Markets Law 350
• Decedent: A deceased person.
• 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. See N.Y. Education Law 695-B
• 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. See N.Y. Education Law 695-B
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• family tuition account: shall mean an individual savings account established in accordance with the provisions of this article. See N.Y. Education Law 695-B
• Fiduciary: A trustee, executor, or administrator.
• 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. See N.Y. Education Law 695-B
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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. See N.Y. Education Law 695-B
• Nonqualified withdrawal: shall mean a withdrawal from an account but shall not mean:
  
  a. See N.Y. Education Law 695-B
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any individual, corporation, partnership, association, municipality, or other legal entity. See N.Y. Agriculture and Markets Law 400
• Pet Dealer: means any person who engages in the sale or offering for sale of more than nine animals per year for profit to the public. See N.Y. Agriculture and Markets Law 400
• Program: shall mean the New York state college choice tuition savings program established pursuant to this article. See N.Y. Education Law 695-B
• Program manager: shall mean a financial organization selected by the comptroller to act as a depository and manager of the program. See N.Y. Education Law 695-B
• Qualified higher education expenses: shall mean any qualified higher education expense included in section 529 of the Internal Revenue Code of 1986, as amended. See N.Y. Education Law 695-B
• 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. See N.Y. Education Law 695-B
• Trustee: A person or institution holding and administering property in trust.
• Tuition savings agreement: shall mean an agreement between the comptroller or a financial organization and the account owner. See N.Y. Education Law 695-B