N.Y. Education Law § 695-f: Program limitations; family tuition account

§ 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.