MO SB772

Repeals sections 166.420 and 166.532 of Missouri Revised Statutes and enacts a new section 166.420 regarding higher education savings program participation agreements.

Removes the requirement that contributions must be held for a minimum of 12 months, allowing the board to establish any minimum holding period it deems appropriate.

Requires participation agreements to clearly disclose the terms and conditions, return calculation methods, admission risks, associated risks of depositing money, and any load charges or administrative fees.

Requires participation agreements to be organized in easily understandable language accessible to the general public.

Authorizes the board to establish maximum annual contributions and total contribution limits for beneficiaries to comply with Section 529 of the Internal Revenue Code for qualified state tuition programs.