New Mexico Statutes 58-11-13. Use of name exclusive
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.
Attorney's Note
Under the New Mexico Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| fourth degree felony | up to 18 months | up to $5,000 |
Terms Used In New Mexico Statutes 58-11-13
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
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 N.M. Stat. Ann., 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.