6-06-06.1. Issuance of certificates of deposit - Penalty

6-06-06.1. Issuance of certificates of deposit - Penalty

Certificates of deposit, as defined in section 41-03-04, may only be issued in this state by

credit unions authorized to issue certificates of deposit, and which are organized to do business

in this state under this chapter or under the Federal Credit Union Act, and whose accounts are

insured by the national credit union administration, except that the requirement for insurance of

accounts for any "corporate central credit union" or "central credit union" may be waived under

section 6-06-40, or as authorized under section 6-03-02.2. Any person violating this section is

subject to a civil penalty not to exceed five thousand dollars.