166.502. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

166.502. As used in sections 166.500 to 166.529, 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 expensesat an eligible educational institution;

(2) "Benefits", the payment of qualified higher education expenses onbehalf of a beneficiary from a deposit 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 ofpostsecondary education as defined in Section 529(e)(5) of the InternalRevenue Code;

(5) "Financial institution", a depository institution and anyintermediary that brokers certificates of deposits;

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

(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 participationagreement pursuant to sections 166.500 to 166.529 for the advance paymentof qualified 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 sections166.500 to 166.529;

(10) "Qualified higher education expenses", the qualified costs oftuition and fees and other expenses for attendance at an eligibleeducational institution, as defined in Section 529(e)(3) of the InternalRevenue Code of 1986, as amended.