209.620.  Cancellation of participation agreement, 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 ABLE account for any distribution that is not:

  (1)  Used exclusively for qualified disability expenses of the designated beneficiary;

  (2)  Made because of death of the designated beneficiary; or

  (3)  Held in the fund for the minimum length of time established by the board.