Section 06.65.260. No state obligation.

Latest version.

   (a) This chapter may not be construed to create an obligation of the state, the department, or an agency or instrumentality of the state to guarantee for the benefit of a designated beneficiary
        (1) the return of the principal deposited in the program account;
        (2) a rate of interest or other return on the principal in a program account; or
        (3) the payment of interest or other return on the principal in a program account.
   (b) Every contract, application, and other document that may be used in connection with opening a program account must clearly state that the state does not insure a program account or guarantee the items described in (a) of this section.

Notes

History

(Sec. 2 ch 56 SLA 2016)

                    
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