(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.

Terms Used In Michigan Laws 390.1484

  • Account owner: means any of the following:
  (i) The individual who enters into a Michigan education savings program agreement and establishes an education savings account. See Michigan Laws 390.1472
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
    •   (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.
      Previous section
    Next section  
     Act 161 of 2000 Contents