Truly Agreed, 2015


View proposed language

HCS SS SCS SB 174, 2015    (New Section - as Truly Agreed)    

166.620. 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 ABLE account for any distribution that is not:
     (1) Used exclusively for qualified disability expenses of the designated beneficiary;
     (2) Made because of death of the designated beneficiary; or
     (3) Held in the fund for the minimum length of time established by the board.


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