Section 443.1003

Title XXIX OWNERSHIP AND CONVEYANCE OF PROPERTY

Chapter 443

Effective - 28 Aug 2018   

  443.1003.  Definitions. — As used in sections 443.1001 to 443.1007, the following terms mean:

  (1)  "Account holder", an individual who establishes an account with a financial institution that is designated as a first-time home buyer savings account in accordance with section 443.1004;

  (2)  "Department", the department of revenue;

  (3)  "Eligible expenses", a down payment and any closing costs included on a real estate settlement statement including, but not limited to, appraisal fees, mortgage origination fees, and inspection fees;

  (4)  "Financial institution", any state bank, state trust company, savings and loan association, federally chartered credit union doing business in this state, credit union chartered by the state of Missouri, national bank, broker-dealer, mutual fund, insurance company, or other similar financial entity qualified to do business in this state;

  (5)  "First-time home buyer", an individual who:

  (a)  Has never owned or purchased under contract for deed, either individually or jointly, a single-family, owner-occupied primary residence including, but not limited to, a condominium unit or a manufactured or mobile home that was assessed and taxed as real property; or

  (b)  As a result of the individual's dissolution of marriage, has not been listed on a property title for at least three consecutive years;

  (6)  "First-time home buyer savings account" or "account", an account with a financial institution designated as such in accordance with subsection 1 of section 443.1004;

  (7)  "Qualified beneficiary", a first-time home buyer designated by an account holder for whose eligible expenses the moneys in a first-time home buyer savings account are or will be used.

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(L. 2018 H.B. 1796)