(1) Nothing in this part 3 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 education institution or be allowed to continue enrollment at or graduate from an education institution;

(c) Establish state residency for a beneficiary merely because of the designation as a beneficiary; or

(d) Guarantee that amounts saved pursuant to the program will be sufficient to cover the qualified higher education expenses or qualified disability expenses of a designated beneficiary, as applicable.

(2) Nothing in this part 3 shall establish any obligation of the state of Colorado or any agency or instrumentality of the state of Colorado to guarantee for the benefit of any account owner, contributor to an account, or designated beneficiary any of the following:

(a) The return of any amounts contributed to an account;

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

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

(d) Tuition rates or the cost of any qualified expenditures.

(3) Nothing in this part 3 shall be construed to indicate that the account is insured by the state of Colorado or that the principal deposited or investment return is guaranteed by the state of Colorado.

(3.5) Nothing in this part 3 shall be construed to create an indebtedness, a debt, or a liability of the state, nor shall the state be liable on the savings contracts, except to the extent of the amounts on deposit in the accounts, nor shall a savings contract constitute the giving, pledging, or loaning of the full faith and credit of the state.

(4) (Deleted by amendment, L. 2000, p.1294, § 16, effective May 26, 2000.)