Sec. 14.
(1) This act does not create and shall not be construed to create any obligation upon this state or any agency or instrumentality of this state to guarantee for the benefit of an account owner or designated beneficiary any of the following:
(a) The rate of interest or other return on an account.
(b) The payment of interest or other return on an account.
(2) The contracts, applications, deposit slips, and other similar documents used in connection with a contribution to an account shall clearly indicate that the account is not insured by this state and that the money deposited into and investment return earned on an account are not guaranteed by this state.
History: 2015, Act 160, Eff. Jan. 26, 2016
Structure Michigan Compiled Laws
Chapter 206 - Income Tax Act of 1967
Act 160 of 2015 - Michigan Achieving a Better Life Experience (Able) Program Act (206.981 - 206.997)
Section 206.981 - Short Title.
Section 206.982 - Definitions.
Section 206.984 - Management Contract; Supervision.
Section 206.985 - Management Contract; Term of Years; Termination.
Section 206.986 - Contracts as Necessary and Proper.
Section 206.988 - Changes in Account Owners or Designated Beneficiaries; Transfers.
Section 206.990 - Maximum Account Balance Limit.
Section 206.993 - Construction and Interpretation of Act and Agreement.
Section 206.994 - State Obligation.
Section 206.995 - Annual Report.