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Missouri Revised Statutes Title XI. Education and Libraries § 166.430. Cancellation of agreement, results--penalty

Current as of January 01, 2025 | Updated by Findlaw Staff

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

(1) Used exclusively for qualified education expenses of the designated beneficiary;

(2) Made because of death or disability of the designated beneficiary;

(3) Made because of the receipt of scholarship by the designated beneficiary;

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

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

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Cite this article: FindLaw.com - Missouri Revised Statutes Title XI. Education and Libraries § 166.430. Cancellation of agreement, results--penalty - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xi-education-and-libraries/mo-rev-st-166-430/

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