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: 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.