§ 6-901. Unauthorized use of words "credit union" prohibited

   (a) In general. --

   (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; or

         2. 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) Application of section. -- This section does not apply to an association or league of credit unions, whether or not the association or league is incorporated.

HISTORY: CA § 6-328; 1980, ch. 33, § 2; 2001, ch. 147, § 1; ch. 148, § 1.