Missouri Revised Statutes













Chapter 166

Permanent Funds and Trusts

←166.501

Section 166.502.1

166.505→

August 28, 2015

Definitions.

166.502. As used in sections 166.500 to 166.529, 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 deposit 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 depository institution and any

intermediary that brokers certificates of deposits;



(6) "Internal Revenue Code", the Internal Revenue Code of 1986, as

amended;



(7) "Missouri higher education deposit program" or "deposit program",

the program created pursuant to sections 166.500 to 166.529;



(8) "Participant", a person who has entered into a participation

agreement pursuant to sections 166.500 to 166.529 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

166.500 to 166.529;



(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 of

1986, as amended.



(L. 2004 H.B. 959 § 166.510)







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