Sec. 13.
This act and any agreement under this act shall not be construed or interpreted to do any of the following:
(a) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner.
(b) Guarantee that a designated beneficiary will be admitted to an eligible educational institution or, upon admission to an eligible educational institution, will be permitted to continue to attend or will receive a degree from the eligible educational institution.
(c) Give residency status to an individual merely because the individual is a designated beneficiary.
(d) Guarantee that amounts contributed to an account will be sufficient to cover the qualified higher education expenses of a designated beneficiary.
History: 2000, Act 161, Imd. Eff. June 16, 2000
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 161 of 2000 - Michigan Education Savings Program Act (390.1471 - 390.1486)
Section 390.1471 - Short Title.
Section 390.1472 - Definitions.
Section 390.1474 - Management Contract; Supervision by Treasurer.
Section 390.1475 - Management Contract; Term; Termination.
Section 390.1478 - Account Owner or Beneficiary; Changes; Transfer.
Section 390.1482 - Disclosure of Information.
Section 390.1483 - Construction or Interpretation of Act and Agreement.
Section 390.1484 - Obligation Upon State, Agency, or Instrumentality of State.
Section 390.1485 - Annual Report.
Section 390.1486 - Contributions and Interest Earned as Tax Exempt; Withdrawals as Taxable.