A. An emancipation order issued pursuant to this article recognizes the minor as an adult for the following purposes:
1. The right to enter into a binding contract.
2. The ability to sue and be sued.
3. The right to buy and sell real property.
4. The right to establish a legal residence.
5. The obligation to pay child support.
6. The right to incur debts.
7. The right to access medical treatment and records.
8. The right to consent to medical, dental and psychiatric care without parental consent, knowledge or liability.
9. The right to consent to medical, dental and psychiatric care for the emancipated minor's child.
10. Eligibility for social services.
11. The right to obtain a license to operate equipment or perform a service.
12. The right to apply for enrollment in any school or college.
13. The ability to apply for loans.
14. The ability to pursue any other opportunity that is provided by law to a person who is at least eighteen years of age.
B. An emancipation order issued pursuant to this article terminates a parent's or legal guardian's:
1. Right to the emancipated minor's income.
2. Future child support obligations relating to the emancipated minor.
3. Tort liability for the emancipated minor's actions.
4. Obligation to financially support the emancipated minor after the first day of the month following entry of this order.
5. Obligation to provide medical support for the emancipated minor.