(a) No person shall, or have the power to, engage in the business of a Connecticut credit union in this state until such person has obtained a certificate of authority to engage in the business of a Connecticut credit union from the commissioner. (b) No person shall use, either as a part of its name or as a prefix or suffix thereto or as a designation of the business carried on by it, the phrase “credit union” or “mutual benefit association”, except a Connecticut credit union, a federal credit union or a credit union otherwise authorized to engage in business in this state under this title. The provisions of this subsection shall not apply to an association of credit unions or a credit union service organization located in this state. (c) A certificate of authority shall be issued by the commissioner to an applicant meeting the requirements of section 36a-437a . (d) A certificate of authority issued under this section may be revoked by the commissioner for cause in accordance with section 36a-51 .
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