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. (1) Used exclusively for qualified disability expenses of the designated beneficiary;
2. (2) Made because of death of the designated beneficiary; or
3. (3) Held in the fund for the minimum length of time established by the board.

(L. 2015 S.B. 174 § 166.620)