Hawaii § 256-5 - Program limitations; college account.
Full text of Hawaii Hawaii Revised Statutes § 256-5 — Program limitations; college account., with citation guidance and answers to common questions.
§ 256-5. Program limitations; college account.
(a) Nothing in this chapter shall be construed to: (1) Give any 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 state 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 cover 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 director of finance, 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: (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 director of finance 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 indicate that the account is not insured by the State and neither the principal deposited nor the investment return is guaranteed by the State. [L 1999, c 81, pt of §2; am L 2000, c 90, §4] Previous Vol04_Ch0201-0257 Next
Frequently Asked Questions About Hawaii § 256-5
What does Hawaii Revised Statutes § 256-5 cover?
Section 256-5 ("Program limitations; college account.") is part of the Hawaii Revised Statutes, the codified statutory law of Hawaii. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Hawaii § 256-5?
A common citation format is "Hawaii Revised Statutes § 256-5" (Hawaii). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Hawaii law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Hawaii official source linked on this page or consult a licensed Hawaii attorney.
How does Hawaii § 256-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Hawaii can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Hawaii.