(1) “Account holder”, an individual who establishes an account with a financial institution that is designated
as a first-time home buyer savings account in accordance with section 443.1004;
(2) “Department”, the department of revenue;
(3) “Eligible expenses”, a down payment and any closing costs included on a real estate settlement statement
including, but not limited to, appraisal fees, mortgage origination fees, and inspection
(4) “Financial institution”, any state bank, state trust company, savings and loan association, federally chartered
credit union doing business in this state, credit union chartered by the state of
Missouri, national bank, broker-dealer, mutual fund, insurance company, or other similar
financial entity qualified to do business in this state;
(5) “First-time home buyer”, an individual who:
(a) Has never owned or purchased under contract for deed, either individually or jointly,
a single-family, owner-occupied primary residence including, but not limited to, a
condominium unit or a manufactured or mobile home that was assessed and taxed as real
(b) As a result of the individual's dissolution of marriage, has not been listed on
a property title for at least three consecutive years;
(6) “First-time home buyer savings account” or “account”, an account with a financial institution designated as such in accordance with subsection 1 of section 443.1004;
(7) “Qualified beneficiary”, a first-time home buyer designated by an account holder for whose eligible expenses
the moneys in a first-time home buyer savings account are or will be used.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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