18A:71B-45 - Construction - New Jersey Statutes

18A:71B-45  Construction.

18A:71B-45.  Construction. 

a.Nothing in this article shall be construed to:

(1)guarantee that a designated beneficiary will be admitted to a higher education institution or be allowed to continue enrollment at or graduate from a higher education institution after admission;

(2)establish State residency for a person merely because the person is a designated beneficiary; or

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

b.Nothing in this article establishes any obligation of this State or any agency or instrumentality of this State to guarantee for the benefit of any contributor or designated beneficiary any of the following:

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

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

c.Nothing in this article establishes any obligation or liability of this State or any agency or instrumentality of this State with respect to any federal or State tax liability of any contributor or designated beneficiary in this program.

d.Under regulations promulgated by the authority, every contract and application that may be used in connection with a contribution to an account shall clearly indicate that the account is not insured by this State nor is the investment return guaranteed by this State.

L.1999,c.46,s.1.