§ 28-7-1-8 — Unauthorized use of name "credit union"; violations

Indiana § 28-7-1-8

• Jurisdiction: Indiana
• Art. 7: SPECIALIZED FINANCIAL INSTITUTIONS
• Ch. 1: Credit Unions

Text

(a) The use of any name or title that contains the
words "credit union", or that means "credit union" in any language, is
unlawful unless the name is used by:
(1) a corporation authorized to use the words "credit union" under
Indiana or United States law; or
(2) the Indiana Credit Union League, Inc., and its affiliates.
(b) The department is authorized to exercise the powers under IC 28-11-4 against a person, firm, limited liability company, or
corporation that improperly holds itself out as a credit union.
(c) A person, firm, limited liability company, or corporation that
violates this section is subject to a penalty of five hundred dollars
($500) per day for each day during which the violation continues. The
penalty imposed shall be recovered in the name of the state on relation
of the department and, when recovered, shall be paid into the financial
institutions fund established by IC 28-11-2-9.
Formerly: Acts 1961, c.182, s.8. As amended by Acts 1978,
P.L.2, SEC.2820; P.L.52-1985, SEC.8; P.L.263-1995, SEC.6;
P.L.141-2005, SEC.12.