Terms Used In New York Laws > Mental Hygiene > Title E > Article 84 - New York Achieving a Better Life Experience Savings Account Act

• Account owner: shall mean a person who opens a savings account pursuant to the provisions of section 529A of the Internal Revenue Code, as amended, or any regulations promulgated thereunder. See N.Y. Mental Hygiene Law 84.03
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appropriate board of elections: means the board of elections in whose jurisdiction the military voter resides as a qualified voter. See N.Y. Election Law 10-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• 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.
• Designated beneficiary: shall mean , with respect to an account or accounts, any individual who is an "eligible individual" as defined under paragraph (1) of subsection (e) of section 529A of the Internal Revenue Code of 1986, as amended, or any regulations promulgated thereunder and whose qualified expenses are expected to be paid from the account or accounts. See N.Y. Mental Hygiene Law 84.03
• 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 to the jurisdiction and regulation of the securities and exchange commission of the federal government. See N.Y. Mental Hygiene Law 84.03
• 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. Mental Hygiene Law 84.03
• Military ballot: means the ballot prepared, printed and supplied for use by the military voter for a general election, primary election or special election. See N.Y. Election Law 10-102
• Military voter: means a qualified voter of the state of New York who is in the actual military service, as defined in the preceding paragraph of this section, and by reason of such military service is absent from his election district of residence on the day of registration or election, or a voter who is discharged from such military service within thirty days of an election and the spouse, parent, child or dependent of such voter accompanying or being with him or her, if a qualified voter and a resident of the same election district. See N.Y. Election Law 10-102
• Nonqualified withdrawal: shall mean a withdrawal from an account for other than a qualified expense, or a withdrawal made as the result of the death or disability of the designated beneficiary of an account. See N.Y. Mental Hygiene Law 84.03
• NY ABLE account: shall mean an individual savings account established in accordance with the provisions of section 529A of the Internal Revenue Code. See N.Y. Mental Hygiene Law 84.03
• 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.
• Program manager: shall mean a financial organization selected by the comptroller to act as a depository and manager of the program. See N.Y. Mental Hygiene Law 84.03
• Qualified expenses: shall mean any qualified disability expense included in paragraph (5) of subsection (e) of section 529A of the Internal Revenue Code of 1986, as amended, or any regulations promulgated thereunder. See N.Y. Mental Hygiene Law 84.03
• Savings agreement: shall mean an agreement between the comptroller or a financial organization and the account owner. See N.Y. Mental Hygiene Law 84.03