(a) This chapter may not be construed to create an obligation of the state, the department, or an agency or instrumentality of the state to guarantee for the benefit of a designated beneficiary (1) the return of the principal deposited in the program account;
(2) a rate of interest or other return on the principal in a program account; or
(3) the payment of interest or other return on the principal in a program account.
(b) Every contract, application, and other document that may be used in connection with opening a program account must clearly state that the state does not insure a program account or guarantee the items described in (a) of this section.