166.410. Definitions. - Missouri Statutes

Definitions.

166.410. As used in sections 166.400 to 166.455, except where thecontext clearly requires another interpretation, the following terms mean:

(1) "Beneficiary", any individual designated by a participationagreement to benefit from payments for qualified higher education expenses atan eligible educational institution;

(2) "Benefits", the payment of qualified higher education expenses onbehalf of a beneficiary from a savings account during the beneficiary'sattendance at an eligible educational institution;

(3) "Board", the Missouri higher education savings program boardestablished in section 166.415;

(4) "Eligible educational institution", an institution of postsecondaryeducation as defined in Section 529(e)(5) of the Internal Revenue Code;

(5) "Financial institution", a bank, insurance company or registeredinvestment company;

(6) "Internal Revenue Code", the Internal Revenue Code of 1986, asamended;

(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 participationagreement pursuant to sections 166.400 to 166.455 for the advance payment ofqualified higher education expenses on behalf of a beneficiary;

(9) "Participation agreement", an agreement between a participant andthe board pursuant to and conforming with the requirements of sections 166.400to 166.455; and

(10) "Qualified higher education expenses", the qualified costs oftuition and fees and other expenses for attendance at an eligible educationalinstitution, as defined in Section 529(e)(3) of the Internal Revenue Code, asamended.

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