53-25-113. Limitations. (1) This chapter may not be construed to:
     (a) give a designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner; or
     (b) 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 an account owner, a contributor to an account, or a designated beneficiary:
     (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.

     History: En. Sec. 10, Ch. 436, L. 2015.