N.Y. MHY Law § 84.03

§ 84.03 Definitions.\n As used in this article:\n 1. The term "financial organization" means an organization authorized\nto do business in the state of New York and which: (a) is licensed or\nchartered by the department of financial services; (b) is licensed or\nchartered by an agency of the federal government; or (c) is subject to\nthe jurisdiction and regulation of the securities and exchange\ncommission of the federal government.\n 2. "Account" or "NY ABLE account" shall mean an individual savings\naccount established in accordance with the provisions of section 529A of\nthe Internal Revenue Code.\n 3. "Account owner" shall mean a person who opens a savings account\npursuant to the provisions of section 529A of the Internal Revenue Code,\nas amended, or any regulations promulgated thereunder. The account owner\nmust also be the designated beneficiary of the account.\n 4. "Designated beneficiary" shall mean, with respect to an account or\naccounts, any individual who is an "eligible individual" as defined\nunder paragraph (1) of subsection (e) of section 529A of the Internal\nRevenue Code of 1986, as amended, or any regulations promulgated\nthereunder and whose qualified expenses are expected to be paid from the\naccount or accounts.\n 5. "Qualified expenses" shall mean any qualified disability expense\nincluded in paragraph (5) of subsection (e) of section 529A of the\nInternal Revenue Code of 1986, as amended, or any regulations\npromulgated thereunder.\n 6. "Nonqualified withdrawal" shall mean a withdrawal from an account\nfor other than a qualified expense, or a withdrawal made as the result\nof the death or disability of the designated beneficiary of an account.\n 7. "Management contract" shall mean the contract executed by the\ncomptroller and a financial organization selected to act as a depository\nand manager of the program.\n 8. "Savings agreement" shall mean an agreement between the comptroller\nor a financial organization and the account owner.\n 9. "Program manager" shall mean a financial organization selected by\nthe comptroller to act as a depository and manager of the program.\n