Washington Code 31.12.025 – Use of words in name
Current as of: 2023 | Check for updates
|
Other versions
(1) A credit union shall include the words “credit union” in its name.
Terms Used In Washington Code 31.12.025
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Credit union service organization: means an organization that a credit union has invested in pursuant to RCW 31. See Washington Code 31.12.005
- Foreign credit union: means a credit union organized and operating under the laws of another country or other foreign jurisdiction. See Washington Code 31.12.005
- Organization: means a corporation, partnership, association, limited liability company, trust, or other organization or entity. See Washington Code 31.12.005
- Out-of-state credit union: means a credit union organized and operating under the laws of another state or United States territory or possession. See Washington Code 31.12.005
- Person: means an organization or a natural person including, but not limited to, a sole proprietorship. See Washington Code 31.12.005
- primarily: means more than one-half. See Washington Code 31.12.005
(2) No person may conduct business or engage in any other activity under a name or title containing the words “credit union”, or represent itself as a credit union, unless it is:
(a) A credit union, out-of-state credit union, or a foreign credit union;
(b) An organization whose membership or ownership is limited to credit unions, out-of-state credit unions, federal credit unions, or their trade organizations;
(c) A person that is primarily in the business of managing one or more credit unions, out-of-state credit unions, or federal credit unions; or
(d) A credit union service organization.
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.