New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter IV - Miscellaneous Rules
Part 156 - The New York Achieving A Better Life Experience Savings Account Act
Section 156.3 - Maximum contribution amount
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 156.3
Current through Register Vol. 46, No. 12, March 20, 2024
The amount contributed to an account for a designated beneficiary in the Program shall not exceed the amount established by the Comptroller pursuant to Section 8 4.09 of the Mental Hygiene Law. The program manager shall monitor contributions so as to prevent contributions to any account for a designated beneficiary when such contribution would cause the amount of money in such account to exceed this amount. Any amount tendered as a contribution, or portion of a contribution, that if accepted as a contribution would cause the amount in any account to exceed this amount, shall be rejected as a contribution and shall be returned to the contributor.
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