§ 84.05 Powers and duties of the comptroller.\n 1. The comptroller shall establish a NY ABLE account plan for all\neligible individuals for the purpose of supporting individuals with\ndisabilities to maintain health, independence, and quality of life. The\ncomptroller is hereby authorized to promulgate any and all rules and\nregulations necessary for the implementation of this article in\nconsultation with the commissioners of the office for people with\ndevelopmental disabilities, the office of mental health, the department\nof health, and the office of temporary and disability assistance.\n 2. The comptroller may implement the NY ABLE savings account program\nthrough use of third party vendors as administrators of such accounts,\nand financial organizations as account depositories and managers. Under\nthe program, eligible individuals may establish accounts directly with\nan account depository.\n 3. The comptroller may solicit proposals from financial organizations\nto act as depositories and managers from the program. Financial\norganizations submitting proposals shall describe the investment\ninstrument which will be held in accounts. The comptroller shall select\nas program depositories and managers the financial organization, from\namong the bidding financial organizations, that demonstrates the most\nadvantageous combination, both to potential program participants and\nthis state, of the following factors:\n (a) Financial stability and integrity of the financial organization;\n (b) The safety of the investment instrument being offered;\n (c) The ability of the investment instrument to track increasing costs\nof obtaining care for individuals with disabilities;\n (d) The ability of the financial organization to satisfy recordkeeping\nand reporting requirements;\n (e) The financial organization's plan for promoting the program and\nthe investment it is willing to make to promote the program;\n (f) The fees, if any, proposed to be charged to persons for opening or\nmaintaining accounts;\n (g) The minimum initial deposit and minimum contributions that the\nfinancial organization will require;\n (h) The ability of banking organizations to accept electronic\nwithdrawals, including payroll deduction plans; and\n (i) Other benefits to the state or its residents included in the\nproposal, including fees payable to the state to cover expenses of\noperation of the program.\n 3-a. Notwithstanding the provisions of subdivision three of this\nsection, the comptroller may, in his or her discretion, enter into a\ncontract with the existing third party administrator of the NYS college\nchoice tuition savings program for the purpose of administering the NY\nABLE savings account program and providing account depositories and\nmanagers. The term of such contract shall expire on the same date as the\ncontract for the administration of the NYS college choice tuition\nsavings program expires. Following such expiration, the comptroller may,\nin his or her discretion, solicit proposals for the purpose of\nadministering the NY ABLE savings account program and solicit proposals\nfor the purpose of administering the NYS college choice tuition savings\nprogram jointly or separately.\n 4. The comptroller may enter into a contract with a financial\norganization. Such financial organization management may provide one or\nmore types of investment instrument.\n 5. The comptroller may select more than one financial organization for\nthe program.\n 6. A management contract shall include, at a minimum, terms requiring\nthe financial organization to:\n (a) Take any action required to keep the program in compliance with\nrequirements of section 84.09 of this article and any actions not\ncontrary to its contract to manage the program to qualify as a\n"Qualified ABLE account" under subsection (1) of paragraph (b) of\nsection 529A of the Internal Revenue Code of 1986, as amended.\n (b) Keep adequate records of each account, keep each account\n
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