NY S09700

Authorizes the comptroller and corporation to develop and implement scholarship and grant programs under the New York state college choice tuition savings program as deemed appropriate.

Allows surplus funds remaining after payment of administrative costs to support scholarship and grant programs, subject to rules and regulations established by the comptroller in consultation with the corporation.

Permits state or local governments and 501(c)(3) organizations to open one or more accounts to fund scholarships or grants for persons whose identity is known or determined upon disbursement.

Exempts scholarship and grant accounts from the requirement to designate a beneficiary when the account is opened, treating each scholarship or grant recipient as a designated beneficiary.

Corrects statutory language by replacing "dispersed" with "disbursed" and adding "or grants" throughout the statute to reflect scholarship and grant program provisions.