Section 166.410

Title XI EDUCATION AND LIBRARIES

Chapter 166

Effective - 28 Aug 2021, 3 histories   

  166.410.  Definitions. — As used in sections 166.400 to 166.455, 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 education expenses at an eligible educational institution;

  (2)  "Benefits", the payment of qualified education expenses on behalf of a beneficiary from a savings 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 eligible educational institution as defined in Section 529 of the Internal Revenue Code, as amended;

  (5)  "Financial institution", a bank, insurance company or registered investment company;

  (6)  "Internal Revenue Code", the Internal Revenue Code of 1986, as amended;

  (7)  "Missouri education program" or "program", the program created pursuant to sections 166.400 to 166.455;

  (8)  "Participant", a person who has entered into a participation agreement pursuant to sections 166.400 to 166.455 for the advance payment of qualified 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 166.400 to 166.455; and

  (10)  "Qualified higher education expenses" or "qualified education expenses", the qualified costs of tuition and fees and other expenses for attendance at an eligible educational institution, as defined in Section 529 of the Internal Revenue Code, as amended.

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(L. 1998 H.B. 1694, A.L. 1999 S.B. 460, A.L. 2018 S.B. 882, A.L. 2021 H.B. 297)