Current with changes from the 2024 Legislative Session
Section 6-901 - Unauthorized use of words "credit union" prohibited(a)(1) Except for a credit union authorized to do business in this State, a person may not:(i) Use or advertise any name or title that contains the words "credit union" or any derivation of that term;(ii) Represent itself as a credit union;(iii) Conduct business as a credit union; or(iv) Conduct business under a name or title that: 1. Indicates or reasonably implies that the person engages in or transacts the type of business conducted by a credit union; or2. Is calculated to lead a person to believe that the business engaged in or transacted is the type of business conducted by a credit union.(2) Any person who violates any provision of this subsection is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both per occurrence.(b) This section does not apply to an association or league of credit unions, whether or not the association or league is incorporated.