166.410. Definitions.

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166.410. Definitions. — As used in sections 166.400 to 166.455 , except where the context clearly requires another interpretation, the following terms mean:

(1)"Beneficiary" , any individual designated by a participation agreement to benefit from payments for qualified education expenses at an eligible educational institution;

(2)"Benefits" , the payment of qualified education expenses on behalf of a beneficiary from a savings account during the beneficiary's attendance at an eligible educational institution;

(3)"Board" , the Missouri education program board established in section 166.415 ;

(4)"Eligible educational institution" , an eligible educational institution as defined in Section 529 of the Internal Revenue Code, as amended;

(5)"Financial institution" , a bank, insurance company or registered investment company;

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

(7)"Missouri education program" or "program" , the program created pursuant to sections 166.400 to 166.455 ;

(8)"Participant" , a person who has entered into a participation agreement pursuant to sections 166.400 to 166.455 for the advance payment of qualified education expenses on behalf of a beneficiary;

(9)"Participation agreement" , an agreement between a participant and the board pursuant to and conforming with the requirements of sections 166.400 to 166.455 ; and

(10)"Qualified higher education expenses" or "qualified education expenses" , the qualified costs of tuition and fees and other expenses for attendance at an eligible educational institution, as defined in Section 529 of the Internal Revenue Code, as amended.

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(L. 1998 H.B. 1694, A.L. 1999 S.B. 460, A.L. 2018 S.B. 882, A.L. 2021 H.B. 297)