Certificates of deposit, as defined in section 41 -03-04, may only be issued in this state by credit unions authorized to issue certificates of deposit, and which are organized to do business in this state under this chapter or under the Federal Credit Union Act, and whose accounts are insured by the national credit union administration, except that the requirement for insurance of accounts for any "corporate central credit union" or "central credit union" may be waived under section 6-06-40, or as authorized under section 6 -03-02.2. Any person violating this section is subject to a civil penalty not to exceed five thousand dollars.
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