2017 New York Laws
MHY - Mental Hygiene
Title E - General Provisions
Article 84 - New York Achieving a Better Life Experience 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  to
  the   jurisdiction   and  regulation  of  the  securities  and  exchange
  commission of the federal government.
2. "Account" or "NY ABLE account" shall  mean  an  individual  savings
  account established in accordance with the provisions of section 529A of
  the Internal Revenue Code.
3.  "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. The account owner
  must also be the designated beneficiary of the account.
4. "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. A designated beneficiary shall be a resident of New
  York state or a resident of a state that: (a) does not have a  qualified
  ABLE program recognized under section 529-A of the Internal Revenue Code
  of  1986,  as amended; and (b) has entered into a contract with New York
  state to provide residents of the contracting state with access  to  New
  York state's ABLE program.
5.  "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.
6. "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.
7. "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.
8. "Savings agreement" shall mean an agreement between the comptroller
  or a financial organization and the account owner.
9.  "Program  manager" shall mean a financial organization selected by
  the comptroller to act as a depository and manager of the program.