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Title XI EDUCATION AND LIBRARIES

Chapter 166

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  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.

­­--------

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


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166.430 8/28/2018
166.430 8/28/1999 8/28/2018

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