(1) LIMITS. A person may not use a name containing the phrase “credit union”, represent itself as a credit union or conduct business as a credit union unless the person is any of the following:
(a) A credit union.
(b) An association of credit unions.
(c) An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.
(2) USE REQUIRED. A credit union shall use the phrase “credit union” in its corporate name.
(3) NAME APPROVAL. The office of credit unions shall approve a credit union’s name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.
(4) PENALTY. Whoever violates this section may be fined not more than $5,000.