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 account for any distribution that is not: (1) Used exclusively for qualified higher education expenses of the designated beneficiary; (2) Made because of death or disability of the designated beneficiary; (3) Made because of the receipt of scholarship by the designated beneficiary; (4) A rollover distribution, as defined in Section 529(c)(3)(C)(i) of the Internal Revenue Code; or (5) Held in the fund for the minimum length of time established by the board.
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