§ 9-102. General prohibition

   (a) Compliance required. -- Only a corporation that complies with this title and § 1-201 of this article may conduct the business of a savings and loan association or do business under any name or make any representation that implies that it is a savings and loan association.

(b) Remedies. -- On application by the Division Director, a court of competent jurisdiction may issue an injunction to restrain any person from violating this section.

(c) Criminal penalties. -- Any person who is convicted of knowingly or willfully violating subsection (a) of this section is subject to imprisonment in the penitentiary for not more than 10 years for each offense, or a fine of not more than $ 100,000 for each offense, or both.

(d) Exception. -- This section does not apply to the use of a similar name by any corporation or association formed only to promote the interests of savings and loan associations, the membership of which is made up of savings and loan associations, their officers, or other representatives.

HISTORY: CA § 6-218; An. Code 1957, art. 23, § 161A, 161C; 1980, ch. 856; 1981, ch. 2, § 3; 1986, ch. 282; 1991, ch. 371.