§ 84.09 Program requirements.\n 1. "NY ABLE" accounts established pursuant to the provisions of this\narticle shall be governed by the provisions of this section.\n 2. (a) An application for a NY ABLE account shall be in the form\nprescribed by the program and contain the following:\n (i) the name, address and social security number or employer\nidentification number of the account owner;\n (ii) the designation of a designated beneficiary;\n (iii) the name, address and social security number of the designated\nbeneficiary; and\n (iv) such other information as the program may require.\n (b) The comptroller may establish a nominal fee for such application.\n 3. An account owner may own only one NY ABLE account unless otherwise\npermitted by section 529A of the Internal Revenue Code of 1986, as\namended.\n 4. Any person, including the account owner, may make contributions to\nthe account after the account is opened.\n 5. Contributions to accounts may be made only in cash.\n 6. Contributions to a NY ABLE account shall not exceed the limit on\nannual contributions established under paragraph (2) of subsection (b)\nof section 529A of the Internal Revenue Code of 1986, as amended.\n 7. 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. Nonqualified\nwithdrawals shall be subject to any penalties imposed under section 529A\nof the internal revenue code of 1986, as amended.\n 8. An account owner may change the designated beneficiary of an\naccount to another beneficiary only as permitted under section 529A of\nthe Internal Revenue Code.\n 9. The program shall provide a separate accounting for each designated\nbeneficiary.\n 10. An account owner shall be permitted to direct the investment of\nany contributions to an account or the earnings thereon no more than two\ntimes in a calendar year.\n 11. Neither an account owner nor a designated beneficiary may use an\ninterest in an account as security for a loan. Any pledge of an interest\nin an account shall be of no force and effect.\n 12. The comptroller shall promulgate rules or regulations to prevent\ncontributions on behalf of a designated beneficiary in excess of an\namount that would cause the aggregate account balance for all accounts\nfor a designated beneficiary to exceed a maximum account balance, as\nestablished from time to time by the comptroller. Such maximum amount\nshall reflect reasonable expenditures and shall be determined in\naccordance with any applicable state or federal law, rule, or\nregulation. Such maximum amount shall not exceed the federally\nauthorized level of contribution established for the New York college\nchoice tuition savings program pursuant to subdivision ten of section\nsix hundred ninety-five-e of the education law unless otherwise\npermitted by law.\n 13. (a) If there is any distribution from an account to any individual\nor for the benefit of any individual during a calendar year, such\ndistribution shall be reported to the Internal Revenue Service and the\naccount owner, the designated beneficiary, or the distributee to the\nextent required by federal law or regulation.\n (b) Statements shall be provided to each account owner at least once\neach year within sixty days after the end of the twelve month period to\nwhich they relate. The statement shall identify the contributions made\nduring a preceding twelve month period, the total contributions made to\nthe account through the end of the period, the value of the account at\nthe end of such period, distributions made during such period and any\nother information that the comptroller shall require to be reported to\nthe account owner.\n (c) Statements and information relating to accounts shall b
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