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A. The name of every credit union organized under or subject to the Credit Union Act shall include the phrase “credit union”. No credit union shall adopt a name either identical to the name of any other credit union doing business in this state or so similar to the name of any other credit union doing business in this state as to be misleading or to cause confusion.
B. No person other than a credit union organized under or subject to the Credit Union Act, the Federal Credit Union Act 1 or a credit union authorized to do business in this state under Section 58-11-16 NMSA 1978, an association of credit unions or an organization, corporation or association whose membership or ownership is primarily limited to credit unions or credit union organizations shall use a name or title containing the phrase “credit union” or any derivation thereof, represent itself as a credit union or conduct business as a credit union.
C. Violation of this section is a fourth degree felony.
D. The director may petition the district court of Santa Fe county to enjoin a violation of this section.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 58. Financial Institutions and Regulations § 58-11-13. Use of name exclusive - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-58-financial-institutions-and-regulations/nm-st-sect-58-11-13.html
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