N.Y. Education Law § 695-c: Functions of the comptroller and the corporation

§ 695-c. Functions of the comptroller and the corporation. 1. The

comptroller and the corporation shall implement the program under the

terms and conditions established by this article and a memorandum of

understanding relating to any terms or conditions not otherwise

expressly provided for in this article.

2. In furtherance of such implementation the memorandum of

understanding shall address the authority and responsibility of the

comptroller and the corporation to:

a. develop and implement the program in a manner consistent with the

provisions of this article through rules and regulations established in

accordance with the state administrative procedure act;

b. engage the services of consultants on a contract basis for

rendering professional and technical assistance and advice;

c. seek rulings and other guidance from the United States Department

of Treasury and the Internal Revenue Service relating to the program;

d. make changes to the program required for the participants in the

program to obtain the federal income tax benefits or treatment provided

by section 529 of the Internal Revenue Code of 1986, as amended, or any

similar successor legislation;

e. charge, impose, and collect administrative fees and service

charges in connection with any agreement, contract or transaction

relating to the program;

f. develop marketing plans and promotion material;

g. establish the methods by which the funds held in such accounts be

dispersed;

h. establish the method by which funds shall be allocated to pay for

administrative costs; and

i. do all things necessary and proper to carry out the purposes of

this article.