Indiana Code Title 28. Financial Institutions § 28-7-1-8

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:

(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.