Bill Text: NY A10206 | 2015-2016 | General Assembly | Introduced

---

Bill Title: Allows the comptroller to enter into a contract with the 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-07-21 - signed chap.149 [A10206 Detail]

Download: New_York-2015-A10206-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________
                                          10206
                   IN ASSEMBLY
                                      May 17, 2016
                                       ___________
        Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
          tee on Mental Health
        AN ACT to amend the mental hygiene law, in relation to  the  implementa-
          tion  of  the  New  York  achieving a better life experience (NY ABLE)
          savings account act
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  84.05  of  the  mental hygiene law is amended by
     2  adding a new subdivision 3-a to read as follows:
     3    3-a. Notwithstanding the  provisions  of  subdivision  three  of  this
     4  section,  the  comptroller  may,  in his or her discretion, enter into a
     5  contract with the existing third party administrator of the NYS  college
     6  choice  tuition  savings program for the purpose of administering the NY
     7  ABLE savings account program  and  providing  account  depositories  and
     8  managers. The term of such contract shall expire on the same date as the
     9  contract  for  the  administration  of  the  NYS  college choice tuition
    10  savings program expires. Following such expiration, the comptroller may,
    11  in his or her discretion, solicit proposals for the purpose of  adminis-
    12  tering the NY ABLE savings account program and solicit proposals for the
    13  purpose  of administering the NYS college choice tuition savings program
    14  jointly or separately.
    15    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15499-01-6