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Prohibition on use of words

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     § 104.  Prohibition on use of words "credit union."
        (a)  General rule.--Only a credit union subject to this
     title, a Federal credit union or a corporation organized in
     accordance with a state credit union statute may assume and use
     the words "credit union" in its name or title or operate in the
     manner of a credit union. Only a credit union which has received
     a low-income designation by the department and the National
     Credit Union Administration, or a Federal credit union which has
     received a low-income designation from the National Credit Union
     Administration, may assume and use the words "community
     development credit union" or a similar designation in its name
     or title or operate in the manner of a community development
     credit union.
        (b)  Penalties.--Any person, other than a credit union
     subject to this title, a Federal credit union, a corporation
     organized in accordance with a state credit union statute or an
     association of credit unions, who violates subsection (a) by
     using a name or title containing the words "credit union" or any
     other derivation thereof or so representing itself in its
     advertising, or otherwise conducting business as a credit union
     shall, for each offense, be subject to a penalty levied by the
     department which shall be not less than $1,000 nor more than
     $10,000. The officers of a corporation shall be liable for such
     penalty if the offense is committed by a corporation. This
     section shall be enforced by the department.
        (c)  Civil action.--Within 30 days after the department has
     received notice of an alleged violation of this section, the
     department shall determine whether a violation of this section
     exists. After the department has made its determination, a
     credit union, Federal credit union, out-of-State credit union or
     an association of these institutions may institute a civil
     action arising out of a violation of this section.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended the section heading and
     subsecs. (a) and (b).
        Cross References.  Section 104 is referred to in sections
     1303, 5303 of Title 15 (Corporations and Unincorporated
     Associations).

Last modified: November 27, 2007