§ 695-e. Program requirements; family tuition account. 1. Family\ntuition accounts established pursuant to the provisions of this article\nshall be governed by the provisions of this section.\n 2. A family tuition account may be opened by any person who desires to\nsave money for the payment of the qualified higher education expenses of\nthe designated beneficiary. An account owner may designate another\nperson as successor owner of the account in the event of the death of\nthe original account owner. Such person who opens an account or any\nsuccessor owner shall be considered the account owner as defined in\nsection six hundred ninety-five-b of this article.\n a. An application for such account shall be in the form prescribed by\nthe program and contain the following:\n (i) the name, address and social security number, employer\nidentification number, or individual taxpayer identification number of\nthe account owner unless a family tuition account that was in effect\nprior to the effective date of the chapter of the laws of two thousand\nnineteen that amended this subparagraph does not allow for a taxpayer\nidentification number, in which case a taxpayer identification number\nshall be allowed upon the expiration of the contract;\n (ii) the designation of a designated beneficiary;\n (iii) the name, address, and social security number, employer\nidentification number, or individual taxpayer identification number of\nthe designated beneficiary, unless a family tuition account that was in\neffect prior to the effective date of the chapter of the laws of two\nthousand nineteen that amended this subparagraph does not allow for a\ntaxpayer identification number, in which case a taxpayer identification\nnumber shall be allowed upon the expiration of the contract; and\n (iv) such other information as the program may require.\n b. The comptroller and the corporation may establish a nominal fee for\nsuch application.\n 3. Any person, including the account owner, may make contributions to\nthe account after the account is opened.\n 4. Contributions to accounts may be made in cash or may be deposited\nby a taxpayer who has elected to contribute all or a portion of a refund\nof personal income tax to an account that has been established under\nthis article.\n a. Taxpayer contributions shall be made by direct deposit to the\ndesignated account. The amount elected to be contributed by the taxpayer\nmust be at least twenty-five dollars and may be applied as a\ncontribution only for the tax year in which the refund is issued.\n b. The election shall be made on a form prescribed by the department\nof taxation and finance and filed with the taxpayer's tax return for the\ntax year or at such other time and in such other manner as the\ndepartment may prescribe. The department shall prescribe the maximum\nnumber of accounts to which a taxpayer may elect to contribute a portion\nof the refund.\n c. The election to contribute all or a portion of a refund shall not\nbe revocable.\n d. All or a portion of a refund may not be contributed to an account\nthat has been established under this article if the amount of the\ntaxpayer's elected refund for such tax year is reduced by any other\nsections of the tax law to the amount less than the minimum amount of\ncontribution authorized under this section.\n 5. An account owner may withdraw all or part of the balance from an\naccount on sixty days notice or such shorter period as may be authorized\nunder rules governing the program. Such rules shall include provisions\nthat will generally enable the determination as to whether a withdrawal\nis a nonqualified withdrawal or a qualified withdrawal.\n 6. a. An account owner may change the designated beneficiary of an\naccount to an individual who is a member of the family of the prior\ndesignated beneficiary in accordance with procedures established by the\nmemorandum of understanding pursuant to the provisions of section six\nhundred ninety-five-c
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