Section 166.500 – Citation of law.
Effective – 28 Aug 2004 166.500. Citation of law. — Sections 166.500 to 166.529 shall be known and may be cited as the “Missouri Higher Education Deposit Program”. ——– (L. 2004 H.B. 959)
Section 166.501 – Program established as alternative to Missouri education program.
Effective – 28 Aug 2018, 2 histories 166.501. Program established as alternative to Missouri education program. — Notwithstanding the provisions of sections 166.400 to 166.456 to the contrary, the higher education deposit program is established as a nonexclusive alternative to the Missouri education * program, and any participant may elect to participate in both programs […]
Section 166.502 – Definitions.
Effective – 28 Aug 2021, 3 histories 166.502. Definitions. — As used in sections 166.500 to 166.529, 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 higher education expenses at an eligible educational institution; (2) “Benefits”, the […]
Section 166.505 – Program created, Missouri education program board to administer, powers and duties — investment of funds.
Effective – 28 Aug 2018, 2 histories 166.505. Program created, Missouri education program board to administer, powers and duties — investment of funds. — 1. There is hereby created the “Missouri Higher Education Deposit Program”. The program shall be administered by the Missouri education * program board. 2. In order to establish and administer the […]
Section 166.508 – Deposit program participation agreements, terms and conditions — contribution limits — minimum holding time for contributions.
Effective – 28 Aug 2004 166.508. Deposit program participation agreements, terms and conditions — contribution limits — minimum holding time for contributions. — 1. The board may enter into deposit program participation agreements with participants on behalf of beneficiaries pursuant to the provisions of sections 166.500 to 166.529, including the following terms and conditions: (1) […]
Section 166.511 – Prompt investment of moneys paid by participation agreements, use of moneys.
Effective – 28 Aug 2004 166.511. Prompt investment of moneys paid by participation agreements, use of moneys. — All money paid by a participant in connection with participation agreements shall be deposited as received and shall be promptly invested by the board or may be directly deposited by the board’s agents. Contributions and earnings thereon […]
Section 166.514 – Cancellation of agreements, penalty.
Effective – 28 Aug 2004 166.514. Cancellation of agreements, penalty. — 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 […]
Section 166.517 – Assets used for program purposes only.
Effective – 28 Aug 2004 166.517. Assets used for program purposes only. — The assets of the deposit program shall at all times be preserved, invested, and expended only for the purposes set forth in this section and in accordance with the participation agreements, and no property rights therein shall exist in favor of the […]
Section 166.520 – Rulemaking authority.
Effective – 28 Aug 2004 166.520. Rulemaking authority. — Any rule or portion of a rule, as that term is defined in section 536.010, that is promulgated pursuant to sections 166.500 to 166.529 shall become effective only if it has been promulgated pursuant to the provisions of chapter 536. All rulemaking authority delegated prior to […]
Section 166.523 – Review of program by state auditor, when.
Effective – 28 Aug 2004 166.523. Review of program by state auditor, when. — The Missouri state auditor shall, on a semiannual basis, review the financial status and investment policy of the program as well as the participation rate in the program. The auditor shall also review the continued viability of the program and the […]
Section 166.526 – Program moneys not part of total state revenues.
Effective – 28 Aug 2004 166.526. Program moneys not part of total state revenues. — Money accruing to and deposited in individual deposit accounts shall not be part of total state revenues as defined in Sections 17 and 18, Article X, Constitution of Missouri, and the expenditure of such revenues shall not be an expense […]
Section 166.529 – Confidentiality requirements.
Effective – 28 Aug 2004 166.529. Confidentiality requirements. — All personally identifiable information concerning participants and beneficiaries of accounts established within the Missouri higher education deposit program pursuant to sections 166.500 to 166.529 shall be confidential, and any disclosure of such information shall be restricted to purposes directly connected with the administration of the program. […]