21-1728.

Use of name exclusive; violation; penalty; injunction.

(1) No person, corporation, limited liability company, partnership, or association other than a credit union organized under the Credit Union Act, the Federal Credit Union Act, or the laws of any other state, or the voluntary association of credit unions, shall use a name or title containing the phrase credit union or any derivation thereof, represent itself as a credit union, or conduct business as a credit union, except that an entity with a pending application for a certificate of approval may use a name or title containing the phrase credit union or any derivative thereof, provided that if the entity's application is withdrawn or denied, the entity shall cease using a name or title containing the phrase credit union or any derivative thereof within thirty days after the withdrawal or denial of the application.

(2) Any violation of this section shall be a Class V misdemeanor.

(3) The director may petition a court of competent jurisdiction to enjoin any violation of this section.