166.430. Cancellation of agreement, results--penalty. - Missouri Statutes

Cancellation of agreement, results--penalty.

166.430. Any participant may cancel a participation agreement atwill. The board shall impose a penalty equal to or greater than tenpercent of the earnings of an account for any distribution that is not:

(1) Used exclusively for qualified higher education expenses of thedesignated beneficiary;

(2) Made because of death or disability of the designatedbeneficiary;

(3) Made because of the receipt of scholarship by the designatedbeneficiary;

(4) A rollover distribution, as defined in Section 529(c)(3)(C)(i) ofthe Internal Revenue Code; or

(5) Held in the fund for the minimum length of time established bythe board.

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