(a) No person shall, or have the power to, engage in the business of a Connecticut credit union in this state until such person has obtained a certificate of authority to engage in the business of a Connecticut credit union from the commissioner.
(b) No person shall use, either as a part of its name or as a prefix or suffix thereto or as a designation of the business carried on by it, the phrase “credit union” or “mutual benefit association”, except a Connecticut credit union, a federal credit union or a credit union otherwise authorized to engage in business in this state under this title. The provisions of this subsection shall not apply to an association of credit unions or a credit union service organization located in this state.
(c) A certificate of authority shall be issued by the commissioner to an applicant meeting the requirements of section 36a-437a.
(d) A certificate of authority issued under this section may be revoked by the commissioner for cause in accordance with section 36a-51.
(P.A. 02-73, S. 37; P.A. 03-84, S. 46.)
History: P.A. 03-84 changed “Commissioner of Banking” to “commissioner” in Subsecs. (a), (c) and (d), effective June 3, 2003.