§ 695-f. Program limitations; family tuition account. 1. Nothing in
this article 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 educational institution;

c. create state residency for an individual merely because the
individual is a designated beneficiary; or

d. guarantee that amounts saved pursuant to the program will be
sufficient to cover the qualified higher education expenses of a
designated beneficiary.

2. a. Nothing in this article shall create or be construed to create
any obligation of the comptroller, the state, or any agency or
instrumentality of the state to guarantee for the benefit of any account
owner or designated beneficiary with respect to:

(i) the rate of interest or other return on any account; and

(ii) the payment of interest or other return on any account.

b. The comptroller and the corporation by rule or regulation shall
provide that every contract, application, deposit slip, or other similar
document that may be used in connection with a contribution to an
account clearly indicate that the account is not insured by the state
and neither the principal deposited nor the investment return is
guaranteed by the state.