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