§ 6-901

Maryland § 6-901

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 6

Text

(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.