Arizona Laws 46-906. Limitations of article
A. This article does not:
Terms Used In Arizona Laws 46-906
- Account: means an individual account in the fund established as prescribed in this article for a single designated beneficiary. See Arizona Laws 46-901
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of economic security. See Arizona Laws 46-901
- Designated beneficiary: means the eligible individual who establishes an account and who is the owner of the account. See Arizona Laws 46-901
- Eligible individual: means an individual who is entitled to benefits based on blindness or disability under title II or XVI of the social security act, and such blindness or disability occurred before the date on which the individual attained twenty-six years of age or a disability certification with respect to such individual is filed with the United States secretary of the treasury for such taxable year as stipulated in 26 United States Code § 529A. See Arizona Laws 46-901
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Program: means the qualified ABLE program that is established under this article and as defined in 26 United States Code § 529A. See Arizona Laws 46-901
- Services: includes social casework, rehabilitation counseling and similar services rendered to a person or persons in need as provided for in this title. See Arizona Laws 46-101
1. Give any designated beneficiary any rights or legal interest in an account unless the designated beneficiary is the account owner.
2. Guarantee that an eligible individual will receive services from a department or agency of this state related to the eligible individual’s disability.
3. Guarantee that the amounts deposited in an eligible individual’s account and any earnings on that account pursuant to the program will be sufficient to cover any qualified disability expense of the eligible individual.
B. This article does not establish any obligation of this state or any agency of this state to guarantee for the benefit of any eligible individual, contributor to an account or designated beneficiary any of the following:
1. The return of any amounts contributed to an account.
2. The rate of interest or other return on any account.
3. The payment of interest or other return on any account.
C. Every contract, application, deposit slip or other similar document that may be used in connection with a contribution to an account shall clearly indicate that the account is not insured by this state and neither the principal deposited nor the investment return is guaranteed by this state.