Program Limitations; College Account

(a)Nothing in this Chapter shall be construed to: COL021307 CH. 50 GUAM COLLEGE S AVINGS PROGRAM

(1)Give a designated beneficiary any rights or legal interest with respect to an account;

(2)Guarantee that a designated beneficiary:

(A)Will be admitted to an institution of higher education; or

(B)Upon admission to an institution of higher education, will be permitted to continue to attend or will receive a degree from the institution;

(3)Create residency for an individual merely because the individual is a designated beneficiary; or

(4)Guarantee that amounts saved pursuant to the program will be sufficient to pay the qualified higher education expenses of a designated beneficiary.

(b)Nothing in this Chapter shall create or be construed to create any obligation of the Commissioner, program manager or any agency or instrumentality of the Government of Guam to guarantee for the benefit of an account owner or designated beneficiary:

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

(2)The payment of interest or other return on any account; or

(3)The repayment of the principal of any account. The Commissioner shall provide by rule that every tuition savings agreement, contract, application, deposit slip, or other similar document that may be used in connection with a contribution to an account clearly indicates that the account is not insured by the Government of Guam and that neither the principal deposited nor the investment return is guaranteed by the Government of Guam.