Michigan Compiled Laws § 390.1484 Obligation Upon State, Agency, Or Instrumentality Of State.

390.1484 Obligation upon state, agency, or instrumentality of state.

Sec. 14.

(1) This act does not create and shall not be construed to create any obligation upon this state or any agency or instrumentality of this state to guarantee for the benefit of an account owner or designated beneficiary any of the following:

(a) The rate of interest or other return on an account.

(b) The payment of interest or other return on an account.

(2) The contracts, applications, deposit slips, and other similar documents used in connection with a contribution to an account shall clearly indicate that the account is not insured by this state and that the money deposited into and investment return earned on an account are not guaranteed by this state.

History: 2000, Act 161, Imd. Eff. June 16, 2000

Section: Previous  390.1474  390.1475  390.1476  390.1477  390.1478  390.1479  390.1480  390.1480.amended  390.1481  390.1482  390.1483  390.1484  390.1485  390.1486    Next

Last modified: October 10, 2016