191.1603. Definitions.
201 words·~1 min read·
/mo/chapter-191/191-1603A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
191.1603. Definitions. — As used in sections 191.1601 to 191.1607 , the following terms mean:
(1)"Account holder" , an individual who establishes an account with a financial institution that is designated as a long-term dignity savings account in accordance with section 191.1604 ;
(2)"Department" , the department of revenue;
(3)"Eligible expenses" , the same meaning as qualified long-term care services in 26 U.S.C. Section 7702B(c);
(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)"Long-term dignity savings account" or "account" , an account with a financial institution designated as such in accordance with subsection 1 of section 191.1604 ;
(6)"Qualified beneficiary" , an individual designated by an account holder for whose eligible expenses the moneys in a long-term dignity savings account are or will be used; provided, that such individual meets the definition of a chronically ill individual in 26 U.S.C. Section 7702B(c)(2) at the time the moneys are used.
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(L. 2020 H.B. 1682)