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Current as of March 28, 2024 | Updated by Findlaw Staff
(a) It is unlawful for any person, corporation, copartnership, or association except a credit union subject to the provisions of this chapter or the Federal Credit Union Act 1 to:
(1) Use a name or title containing the words “credit union” or any derivation thereof;
(2) Represent themselves in their advertising as a credit union; or
(3) Otherwise conduct business as a credit union.
(b) Any person who willfully violates this section shall be guilty of a Class D felony and may be permanently enjoined from such conduct.
(c) The State Credit Union Supervisor may institute and prosecute actions in his or her own name in the circuit court of any county having jurisdiction, to seek any judicial remedy necessary to enforce the provisions of this section.
Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-35-801. Misleading conduct or use of words “credit union” - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-35-801/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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