Mo. Rev. Stat. § 191.1603

Current with changes from the 2023 Legislative Session

Section 191.1603 - Definitions

As used in sections 191.1601 to 191.1607, the following terms mean:

(1)"Account holder", an individual who establishes an account with a financial institution that is designated as a long-term dignity savings account in accordance with section 191.1604;

(2)"Department", the department of revenue;

(3)"Eligible expenses", the same meaning as qualified long-term care services in 26 U.S.C. Section 7702B(c);

(4)"Financial institution", any state bank, state trust company, savings and loan association, federally chartered credit union doing business in this state, credit union chartered by the state of Missouri, national bank, broker-dealer, mutual fund, insurance company, or other similar financial entity qualified to do business in this state;

(5)"Long-term dignity savings account" or "account", an account with a financial institution designated as such in accordance with subsection 1 of section 191.1604;

(6)"Qualified beneficiary", an individual designated by an account holder for whose eligible expenses the moneys in a long-term dignity savings account are or will be used; provided, that such individual meets the definition of a chronically ill individual in 26 U.S.C. Section 7702B(c)(2) at the time the moneys are used.

§ 191.1603, RSMo

Added by 2020 Mo. Laws, HB 1682,s A, eff. 7/13/2020.