166.425. Board to invest funds, use of funds — not deemed income, when. — All money paid by a participant in connection with participation agreements shall be deposited as received and shall be promptly invested by the board. Contributions and earnings thereon accumulated on behalf of participants in the program may be used, as provided in the participation agreement, for qualified education expenses. Such contributions and earnings shall not be considered income for purposes of determining a participant's eligibility for financial assistance under any state student aid program.
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(L. 1998 H.B. 1694, A.L. 1999 S.B. 460, A.L. 2008 S.B. 863, A.L. 2018 S.B. 882, A.L. 2021 H.B. 297)