(1) A credit union shall include the words "credit union" in its name.
(2) No person may conduct business or engage in any other activity under a name or title containing the words "credit union", or represent itself as a credit union, unless it is:
(a) A credit union, out-of-state credit union, or a foreign credit union;
(b) An organization whose membership or ownership is limited to credit unions, out-of-state credit unions, federal credit unions, or their trade organizations;
(c) A person that is primarily in the business of managing one or more credit unions, out-of-state credit unions, or federal credit unions; or
(d) A credit union service organization.