MO HB2439

Creates the Missouri Higher Education Savings Program under a board chaired by the Missouri state treasurer, with members including the commissioner of higher education, commissioner of office of administration, director of economic development, two finance/investment experts, and one banking expert.

Board members appointed by the governor with senate consent serve four-year terms and are subject to conflict of interest provisions under section 105.452, RSMo, with violations resulting in removal.

Grants the board authority to develop and implement the savings program, adopt rules and regulations, establish educational programs, enter into agreements with financial institutions, invest funds, and make distributions to beneficiaries.

Removes restrictions on investment vehicles by allowing any investment that meets prudent person standards under section 105.688, RSMo, rather than limiting investments to specified groupings or lists of vehicles.

Requires at least quarterly board meetings with four members constituting a quorum, prohibits board members from profiting from investments, and establishes liability protections for board members acting in good faith with ordinary business care.