(a) The name of every credit union organized under this title shall include the phrase "credit union." No credit union may adopt a name either identical to the name of any other credit union or entity doing business in this state or so similar to the name of any other credit union or entity doing business in this state as to be misleading or to cause confusion.

(b) No person, other than a credit union incorporated under this title, the acts of other states, the Federal Credit Union Act, an association of credit unions, or an organization or corporation, whose membership or ownership is limited to credit unions or credit union organizations, may use a name or title containing the phrase "credit union" or any derivation thereof, or may represent itself as a credit union or conduct business as a credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)