Sec. 8. (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.
Structure Indiana Code
Title 28. Financial Institutions
Article 7. Specialized Financial Institutions
28-7-1-0.1. Application of Certain Amendments to Chapter
28-7-1-1. Persons Authorized to Organize; Application; Articles of Incorporation
28-7-1-3. Bylaws; Requirement to Commence Business; Form
28-7-1-7. Amendment of Articles
28-7-1-8. Unauthorized Use of Name "Credit Union"; Violations
28-7-1-9. Powers; Investments; Maintenance of Files; Authority to Purchase and Hold Life Insurance
28-7-1-9.1. Sale of Life Insurance Policy or Annuity Contract; Prohibitions
28-7-1-9.2. Request to Exercise Rights and Privileges Granted to Federal Credit Unions; Appeal
28-7-1-10. Membership; Identification; Qualified Groups; Membership Cards
28-7-1-10.1. Illegal Members; Purging of Accounts; Loans Not Affected
28-7-1-10.6. Issuing Shares in a Revocable or Irrevocable Trust; Conditions
28-7-1-14. Fiscal Year; Membership Meetings; Voting Rights
28-7-1-16.5. Conflicts of Interest; Disqualification; Directors; Committee Members
28-7-1-18. Duties and Powers of Supervisory Committee; Audits; Meeting Minutes
28-7-1-20.1. Issuance of Shares; Joint Tenancy; Deposits, Investments, and Withdrawals by Minors
28-7-1-22. Authority to Borrow; Limits; Authority to Receive Public Deposits and Pledge Securities
28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit
28-7-1-26.5. Refusal to Make Payment From Account
28-7-1-28. Change of Place of Business
28-7-1-31.3. Credit Union Officials; Discharge of Duties; Indemnification
28-7-1-31.5. Insurance; Examinations
28-7-1-35. Effect of Amendments by Acts 1974, p.l.130
28-7-1-37. Withdrawal of Deposits
28-7-1-38. Requirement to Provide Property Tax Information in Certain Transactions