Effective - 28 Aug 2021, 3 histories
166.502. Definitions. — As used in sections 166.500 to 166.529, except where the context clearly requires another interpretation, the following terms mean:
(1) "Beneficiary", any individual designated by a participation agreement to benefit from payments for qualified higher education expenses at an eligible educational institution;
(2) "Benefits", the payment of qualified higher education expenses on behalf of a beneficiary from a deposit account during the beneficiary's attendance at an eligible educational institution;
(3) "Board", the Missouri education program board established in section 166.415;
(4) "Eligible educational institution", an institution of postsecondary education as defined in Section 529(e)(5) of the Internal Revenue Code;
(5) "Financial institution", a depository institution and any intermediary that brokers certificates of deposits;
(6) "Internal Revenue Code", the Internal Revenue Code of 1986, as amended;
(7) "Missouri higher education deposit program" or "deposit program", the program created pursuant to sections 166.500 to 166.529;
(8) "Participant", a person who has entered into a participation agreement pursuant to sections 166.500 to 166.529 for the advance payment of qualified higher education expenses on behalf of a beneficiary;
(9) "Participation agreement", an agreement between a participant and the board pursuant to and conforming with the requirements of sections 166.500 to 166.529;
(10) "Qualified higher education expenses", the qualified costs of tuition and fees and other expenses for attendance at an eligible educational institution, as defined in Section 529(e)(3) of the Internal Revenue Code of 1986, as amended.
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(L. 2004 H.B. 959 § 166.510, A.L. 2018 S.B. 882, A.L. 2021 H.B. 297)
Structure Missouri Revised Statutes
Title XI - Education and Libraries
Chapter 166 - Permanent Funds and Trusts
Section 166.011 - Public school fund — source — disposition.
Section 166.031 - State treasurer to be custodian of fund — accounts — annual report.
Section 166.051 - School moneys fund — interest from investments credited to.
Section 166.061 - Gifts to public school fund.
Section 166.071 - Receipts for gifts to public school fund.
Section 166.081 - Instrument of conveyance, when recorded.
Section 166.091 - Disposition of property granted.
Section 166.111 - Liability of director of revenue.
Section 166.121 - State, the trustee.
Section 166.141 - County treasurer to collect funds — receipts — penalty for violation.
Section 166.151 - Petition to distribute county school fund.
Section 166.400 - Citation of law.
Section 166.410 - Definitions.
Section 166.421 - Income tax refund, contribution to education savings account — election, how made.
Section 166.425 - Board to invest funds, use of funds — not deemed income, when.
Section 166.430 - Cancellation of agreement, results — penalty.
Section 166.435 - State tax exemption.
Section 166.440 - Assets not state property.
Section 166.445 - Rules, invalid, when.
Section 166.450 - Review of program.
Section 166.455 - Funds not state revenues.
Section 166.456 - Confidentiality of information.
Section 166.500 - Citation of law.
Section 166.501 - Program established as alternative to Missouri education program.
Section 166.502 - Definitions.
Section 166.511 - Prompt investment of moneys paid by participation agreements, use of moneys.
Section 166.514 - Cancellation of agreements, penalty.
Section 166.517 - Assets used for program purposes only.
Section 166.520 - Rulemaking authority.
Section 166.523 - Review of program by state auditor, when.
Section 166.526 - Program moneys not part of total state revenues.
Section 166.529 - Confidentiality requirements.
Section 166.700 - Definitions.
Section 166.715 - Misuse of moneys, penalty — financial institutions immunity from liability, when.