Missouri Laws 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;
Terms Used In Missouri Laws 191.1603
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) “Department”, the department of revenue;
(3) “Eligible expenses”, the same meaning as qualified long-term care services in 26 U.S.C. § 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. § 7702B(c)(2) at the time the moneys are used.