Creation of program

(1) There is created the state Achieving a Better Life Experience Program. (2) The department shall do one of the following: (a) administer the state Achieving a Better Life Experience Program in compliance with: (i) 26 U.S.C. Sec. 529A; and (ii) regulations, if any, issued by the United States Department of the Treasury; (b) enter into a contract with a state that maintains a qualified ABLE program to provide Utah residents access to that state's qualified ABLE program; or (c) inform eligible individuals and parents or legal guardians of eligible individuals about qualified ABLE programs offered by other states to which Utah residents may apply. (3) This chapter may not be interpreted to: (a) authorize or provide a disability-related service to an eligible individual; (b) be a factor in establishing residency; or (c) provide that contributions made into an account are sufficient to cover the qualified disability expenses of an eligible individual. (4) An account is not insured or guaranteed by the state. (5) The state does not guarantee the rate or payment of interest or other return on an account.