Missouri § 166.514 - Cancellation of agreements, penalty.
Full text of Missouri Revised Statutes of Missouri § 166.514 — Cancellation of agreements, penalty., with citation guidance and answers to common questions.
§ 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 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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(L. 2004 H.B. 959 § 166.530)
---- end of effective 28 Aug 2004 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 166.514
What does Revised Statutes of Missouri § 166.514 cover?
Section 166.514 ("Cancellation of agreements, penalty.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 166.514?
A common citation format is "Revised Statutes of Missouri § 166.514" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 166.514 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.