1.__Use of term authorized.__A person, if duly authorized under the laws of this State, another state or the United States to conduct the business of banking as a credit union, may use as a part of the name or title under which it conducts business in this State the term "credit union."__The superintendent may require the filing of supporting documentation relating to this paragraph in the form and manner and containing any information the superintendent may prescribe.

2.__Use of term__prohibited.__Except as provided in subsection 1, a person may not use the term "credit union" as part of the name__or title under which business is conducted or as a designation of such a business without prior written approval of the superintendent.__In determining whether to grant written permission, the superintendent shall consider whether the business to be conducted is similar to the business of banking and whether using those terms or any derivatives of those terms could be deceptive or otherwise injurious to public interest.

3.__Violation; penalty.__A person who violates any provision of this section is subject to a civil penalty of not more than $10,000 for each violation.

4.__Exception.__This section does not prohibit the use of any name by a person who received written permission from the superintendent to use the name prior to the effective date of this section.

Sec. 13. 9-B MRSA §1019-A, sub-§§1 and 2, as enacted by PL 1991, c. 386, §27, are amended to read:

1. Issuance of stock, capital notes or debentures. The issuance of preferred stock equity interest, capital notes or debentures with an original maturity of 3 years or greater. Notice must be provided at least 10 days prior to issuance and must contain a copy of any United States Securities and Exchange Commission filings, private placement memoranda or other documents describing the proposed issue to potential investors; and

2. Purchase of own capital stock. The purchase of shares of any type of its own capital stock equity interest. Notice must contain such information as required by the superintendent.; and

Sec. 14. 9-B MRSA §1019-A, sub-§3 is enacted to read: