209.620. Cancellation of participation agreement, penalty. — 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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(L. 2015 S.B. 174 § 166.620)