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Home » US Law » 2022 Maryland Statutes » Financial Institutions » Title 6 - Credit Unions » Subtitle 9 - Prohibited Activities; Penalties » Section 6-901 – Unauthorized Use of Words “Credit Union” Prohibited

    (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.