Missouri § 166.514 Cancellation of agreements, penalty.

Missouri Statutes

§ 166.514 — Cancellation of agreements, penalty.

Missouri § 166.514

Title XIEDUCATION AND LIBRARIES

Ch. 166Permanent Funds and Trusts

This text of Missouri § 166.514 (Cancellation of agreements, penalty.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 166.514 (2026).

Text

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 higher 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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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 higher 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.