Section 5-17-3 Use of words "credit union" in name or title. - Alabama Statutes

Section 5-17-3

Use of words "credit union" in name or title.

It shall be a misdemeanor for any person, association, copartnership or corporation, except corporations organized in accordance with the provisions of this chapter, credit unions incorporated under the laws of the United States and the Alabama Credit Union League, to use the words "credit union" in their name or title. A corporation organized under the provisions of this chapter shall include in its corporate name or title the words "credit union." Provided, however, that a credit union organized in another state may conduct business as a credit union in this state with the approval of the Administrator of the Alabama Credit Union Administration provided:

(1) It is organized under laws similar to Alabama credit union laws;

(2) It is financially solvent;

(3) Alabama credit unions are allowed to do business in the other state under conditions similar to these provisions;

(4) It has account insurance comparable to that required for Alabama credit unions;

(5) It agrees to submit to the administrator an annual examination report from its supervising agency;

(6) The interest rate on loans made in Alabama does not exceed that allowed by Alabama law;

(7) It complies with the same consumer protection provisions that Alabama credit unions must obey; and

(8) It designates and maintains an agent for the service of process in Alabama.

(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §284; Acts 1975, No. 561, p. 1267, §3; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §6.)