(a) It is unlawful for any person, corporation, copartnership, or association except a credit union subject to the provisions of this chapter or the Federal Credit Union Act to:
(1) Use a name or title containing the words “credit union” or any derivation thereof;
(2) Represent themselves in their advertising as a credit union; or
(3) Otherwise conduct business as a credit union.
(b) Any person who willfully violates this section shall be guilty of a Class D felony and may be permanently enjoined from such conduct.
(c) The State Credit Union Supervisor may institute and prosecute actions in his or her own name in the circuit court of any county having jurisdiction, to seek any judicial remedy necessary to enforce the provisions of this section.