1. (a)

   1. (1) Except for a credit union authorized to do business in this State, a person may not:

      1. (i) Use or advertise any name or title that contains the words “credit union” or any derivation of that term;
      2. (ii) Represent itself as a credit union;
      3. (iii) Conduct business as a credit union; or

      4. (iv) Conduct business under a name or title that:

         1. 1. Indicates or reasonably implies that the person engages in or transacts the type of business conducted by a credit union; or
         2. 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. (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.
2. (b) This section does not apply to an association or league of credit unions, whether or not the association or league is incorporated.

Added as Financial Institutions § 6-104 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Renumbered as Financial Institutions § 6-901 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.