EDUCATION
CHAPTER 54
COLLEGE SAVINGS PROGRAM
33-5407.Limitations of chapter. (1) Nothing in this chapter shall be construed
to:
(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 education
institution or be allowed to continue enrollment at or graduate from
an eligible education institution located in this state after admission;
(c) Establish
state residency for a person merely because the person is a designated
beneficiary;
(d) Guarantee
that amounts saved pursuant to the program will be sufficient to cover
the qualified higher education expenses of a designated beneficiary.
(2) Nothing
in this chapter establishes any obligation of this state or any agency
or instrumentality of this state to guarantee for the benefit of any
account owner, contributor to an account or designated beneficiary
any of the following:
(a) The
return of any amounts contributed to an account;
(b) The
rate of interest or other return on any account;
(c) The
payment of interest or other return on any account;
(d) Tuition
rates or the cost of related higher education expenditures.
(3) Under
policies adopted by the board, every contract, application, deposit
slip or other similar document that may be used in connection with
a contribution to an account shall clearly indicate that the account
is not insured by this state and neither the principal deposited nor
the investment return is guaranteed by this state.
Idaho Statutes