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Section: 166.0410 Definitions. Rsmo 166.410


Published: 2015

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Missouri Revised Statutes













Chapter 166

Permanent Funds and Trusts

←166.400

Section 166.410.1

166.415→

August 28, 2015

Definitions.

166.410. 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 higher education expenses at an

eligible educational institution;



(2) "Benefits", the payment of qualified higher 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 higher 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;



(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 higher 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 higher 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", 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.



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







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