Section 186.03. Use of name exclusive.

 

(1)   Limits. A person may not use a name containing the phrase “credit union", represent itself as a credit union or conduct business as a credit union unless the person is any of the following:

(a) A credit union.

(b) An association of credit unions.

(c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.

(2)   Use required. A credit union shall use the phrase “credit union" in its corporate name.

(3)   Name approval. The office of credit unions shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.

(4)   Penalty. Whoever violates this section may be fined not more than $5,000.

1971 c. 193 s. 42 (1) ; 1985 a. 127 ; 1993 a. 112 ; 1995 a. 27 ; 1995 a. 151 ss. 63 , 64 , 301 .