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)
---- end of effective 28 Aug 2018 ----
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| Effective | End | |||
| 166.430 | 8/28/2018 | |||
| 166.430 | 8/28/1999 | 8/28/2018 | ||
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