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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) The name of every credit union organized under this chapter shall include the phrase “credit union.” No credit union may 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 incorporated under this chapter, the Federal Credit Union Act 1 or a credit union authorized to do business in this state under section six, article two of this chapter, 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, may 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 constitutes a misdemeanor punishable by a fine of not more than one hundred dollars for each day of illegal use of such name, by imprisonment for not more than one year, or both.
(d) The commissioner may petition a court of competent jurisdiction to enjoin a violation of this section.
Cite this article: FindLaw.com - West Virginia Code Chapter 31C. Credit Unions § 31C-2-4. Use of name exclusive - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-31c-credit-unions/wv-code-sect-31c-2-4/
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 or via Westlaw before relying on it for your legal needs.
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