Use of name exclusive

186.03 Use of name exclusive. (1) LIMITS. A person may not use a name containing the phrase “credit union”, represent itself as a credit union or conduct business as a credit union unless the person is any of the following: (a) A credit union. (b) An association of credit unions. (c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions. (2) USE REQUIRED. A credit union shall use the phrase “credit union” in its corporate name. (3) NAME APPROVAL. The office of credit unions shall approve a credit union’s name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state. (4) PENALTY. Whoever violates this section may be fined not more than $5,000. History: 1971 c. 193 s. 42 (1); 1985 a. 127; 1993 a. 112; 1995 a. 27; 1995 a. 151 ss. 63, 64, 301.