32-3-103. Use of name exclusive. (1) The name of any credit union organized under this chapter must include the phrase "credit union". A credit union may not adopt a name either identical to the name of any other credit union doing business in this state or so similar as to be misleading or to cause confusion.

(2) A person, other than a credit union organized under the provisions of this chapter or of any other credit union act or an organization or corporation whose membership or ownership is primarily limited to credit unions or credit union organizations, may not use a name or title containing the words "credit union" or any derivation of the words "credit union", and the person may not represent that the person is a credit union and may not conduct business as a credit union.

(3) A person who violates a provision of this section shall be fined not more than $500 or imprisoned not more than 1 year, or both, and may be permanently enjoined from further violation of the provisions of this section.