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Title XI EDUCATION AND LIBRARIES

Chapter 166

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  166.410.  Definitions. — 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 savings 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, and institutions of elementary and secondary education as provided in Sections 529(c)(7) and 529(e)(3) 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 savings program" or "savings 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(e)(3) 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)


---- end of effective   28 Aug 2018 ----

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166.410 8/28/2018
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