166.502.  Definitions. — As used in sections 166.500 to 166.529, except where the context clearly requires another interpretation, the following terms mean:

  (1)  "Beneficiary", any individual designated by a participation agreement to benefit from payments for qualified higher education expenses at an eligible educational institution;

  (2)  "Benefits", the payment of qualified higher education expenses on behalf of a beneficiary from a deposit account during the beneficiary's attendance at an eligible educational institution;

  (3)  "Board", the Missouri education program board established in section 166.415;

  (4)  "Eligible educational institution", an institution of postsecondary education as defined in Section 529(e)(5) of the Internal Revenue Code;

  (5)  "Financial institution", a depository institution and any intermediary that brokers certificates of deposits;

  (6)  "Internal Revenue Code", the Internal Revenue Code of 1986, as amended;

  (7)  "Missouri higher education deposit program" or "deposit program", the program created pursuant to sections 166.500 to 166.529;

  (8)  "Participant", a person who has entered into a participation agreement pursuant to sections 166.500 to 166.529 for the advance payment of qualified higher education expenses on behalf of a beneficiary;

  (9)  "Participation agreement", an agreement between a participant and the board pursuant to and conforming with the requirements of sections 166.500 to 166.529;

  (10)  "Qualified higher education expenses", the qualified costs of tuition and fees and other expenses for attendance at an eligible educational institution, as defined in Section 529(e)(3) of the Internal Revenue Code of 1986, as amended.