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 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.

History: Laws 1987, ch. 311, § 13; 1997, ch. 195, § 8.

Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-13 NMSA 1978, as amended by Laws 1975, ch. 344, § 13, relating to credit committee, effective June 19, 1987, and enacted the present section.

Cross references. — For the Federal Credit Union Act, see 12 U.S.C. § 1751.

The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsections A and B, substituted "Section 58-11-16 NMSA 1978" for "Section 16 of the Credit Union Regulatory Act" in Subsection B, and substituted "is" for "constitutes" in Subsection C.

Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.