§ 84.05 Powers and duties of the comptroller.

1. The comptroller shall establish a NY ABLE account plan for all
eligible individuals for the purpose of supporting individuals with
disabilities to maintain health, independence, and quality of life. The
comptroller is hereby authorized to promulgate any and all rules and
regulations necessary for the implementation of this article in
consultation with the commissioners of the office for people with
developmental disabilities, the office of mental health, the department
of health, and the office of temporary and disability assistance.

2. The comptroller may implement the NY ABLE savings account program
through use of third party vendors as administrators of such accounts,
and financial organizations as account depositories and managers. Under
the program, eligible individuals may establish accounts directly with
an account depository.

3. The comptroller may solicit proposals from financial organizations
to act as depositories and managers from the program. Financial
organizations submitting proposals shall describe the investment
instrument which will be held in accounts. The comptroller shall select
as program depositories and managers the financial organization, from
among the bidding financial organizations, that demonstrates the most
advantageous combination, both to potential program participants and
this state, of the following factors:

(a) Financial stability and integrity of the financial organization;

(b) The safety of the investment instrument being offered;

(c) The ability of the investment instrument to track increasing costs
of obtaining care for individuals with disabilities;

(d) The ability of the financial organization to satisfy recordkeeping
and reporting requirements;

(e) The financial organization's plan for promoting the program and
the investment it is willing to make to promote the program;

(f) The fees, if any, proposed to be charged to persons for opening or
maintaining accounts;

(g) The minimum initial deposit and minimum contributions that the
financial organization will require;

(h) The ability of banking organizations to accept electronic
withdrawals, including payroll deduction plans; and

(i) Other benefits to the state or its residents included in the
proposal, including fees payable to the state to cover expenses of
operation of the program.

3-a. Notwithstanding the provisions of subdivision three of this
section, the comptroller may, in his or her discretion, enter into a
contract with the existing third party administrator of the NYS college
choice tuition savings program for the purpose of administering the NY
ABLE savings account program and providing account depositories and
managers. The term of such contract shall expire on the same date as the
contract for the administration of the NYS college choice tuition
savings program expires. Following such expiration, the comptroller may,
in his or her discretion, solicit proposals for the purpose of
administering the NY ABLE savings account program and solicit proposals
for the purpose of administering the NYS college choice tuition savings
program jointly or separately.

4. The comptroller may enter into a contract with a financial
organization. Such financial organization management may provide one or
more types of investment instrument.

5. The comptroller may select more than one financial organization for
the program.

6. A management contract shall include, at a minimum, terms requiring
the financial organization to:

(a) Take any action required to keep the program in compliance with
requirements of section 84.09 of this article and any actions not
contrary to its contract to manage the program to qualify as a
"Qualified ABLE account" under subsection (1) of paragraph (b) of
section 529A of the Internal Revenue Code of 1986, as amended.

(b) Keep adequate records of each account, keep each account
segregated from each other account, and provide the comptroller with
information as required;

(c) compile and total information contained in statements required to
be prepared under section 84.09 of this article and provide such
compilations to the comptroller.

(d) If there is more than one program manager, provide the comptroller
with such information necessary to determine compliance;

(e) Provide the comptroller or his or her designee access to the books
and records of the program manager to the extent needed to determine
compliance with the contract;

(f) Hold all accounts for the benefit of the account owner;

(g) Be audited at least annually by a firm of certified public
accountants selected by the program manager and that the results of such
audit be provided to the comptroller; and

(h) Provide the comptroller with copies of all regulatory filings and
reports made by it during the term of the management contract or while
it is holding any accounts, other than confidential filings or reports
that will not become part of the program. The program manager shall make
available for review by the comptroller the results of any periodic
examination of such manager by any state or federal banking, insurance,
or securities commission, except to the extent that such report or
reports may not be disclosed under applicable law or the rules of such
commission.

7. The comptroller may provide that an audit shall be conducted of the
operations and financial position of the program depository and manager
at any time if the comptroller has any reason to be concerned about the
financial position, the recordkeeping practices, or the status of
accounts of such program depository and manager.

8. During the term of any contract with a program manager, the
comptroller shall conduct an examination of such manager and its
handling of accounts. Such examination shall be conducted at least
biennially if such manager is not otherwise subject to periodic
examination by the superintendent of financial services, the federal
deposit insurance corporation or other similar entity.

9. (a) If selection of a financial organization as a program manager
or depository is not renewed, after the end of its term:

(i) Accounts previously established and held in investment instruments
at such financial organization may be terminated;

(ii) Additional contributions may be made to such accounts;

(iii) No new accounts may be placed with such financial organization;
and

(iv) Existing accounts held by such depository shall remain subject to
all oversight and reporting requirements established by the comptroller.

(b) If the comptroller terminates a financial organization as a
program manager or depository, he or she shall take custody of accounts
held by such financial organization and shall seek to promptly transfer
such accounts to another financial organization that is selected as a
program manager or depository and into investment instruments as similar
to the original instruments as possible.

10. The comptroller may enter into such contracts as it deems
necessary and proper for the implementation of the program.