(1) This chapter may not be construed to establish state residency for a person merely
because the person is a designated beneficiary.
(2) This chapter does not establish any obligation of this state or of an agency or
instrumentality of this state to guarantee for the benefit of a designated beneficiary,
agent, or contributor:
(a) the return of any amounts contributed to an account;
(b) the rate of interest or other return on an account; or
(c) the payment of interest or other return on an account.
(3) Under rules adopted by the department, each contract, application, and offering
or disclosure document, and any other type of document identified by the department
that may be used in connection with a contribution to an account, must clearly indicate
that the account is not insured by the state and that the principal deposited and
any investment return are not guaranteed by the state.
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