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2021 Missouri Revised Statutes
Title XI - Education and Libraries
Chapter 166 - Permanent Funds and Trusts
Section 166.430 - Cancellation of agreement, results — penalty.

Universal Citation:
MO Rev Stat § 166.430 (2021)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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Effective - 28 Aug 2018, 2 histories

166.430. Cancellation of agreement, results — penalty. — Any participant may cancel a participation agreement at will. The board shall impose a penalty equal to or greater than ten percent of the earnings of an account for any distribution that is not:

(1) Used exclusively for qualified education expenses of the designated beneficiary;

(2) Made because of death or disability of the designated beneficiary;

(3) Made because of the receipt of scholarship by the designated beneficiary;

(4) A rollover distribution, as defined in Section 529(c)(3)(C)(i) of the Internal Revenue Code; or

(5) Held in the fund for the minimum length of time established by the board.

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(L. 1998 H.B. 1694, A.L. 1999 S.B. 460, A.L. 2018 S.B. 882)

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