Section 180 - Prohibitions against encroachment upon certain powers of private bankers, savings banks and savings and loan associationsExcept as authorized by this chapter, no individual, either for himself or as trustee, and no partnership or unincorporated association shall:
(1) Engage in the business of receiving deposits;(2) Make use of the words "bank," "banker" or "banking" or any derivative or compound of any such words or any word or words in a foreign language having the same or similar meanings in any sign, advertisement, circular, letterhead or in other written or printed matter, in such manner as might indicate that such individual, partnership or unincorporated association is authorized to engage in business as a bank or private banker;(3) As principal, agent or trustee engage in the business of receiving payments of money in installments, for cooperative, mutual loan, savings or investment purposes in sums of less than five hundred dollars each under a declaration of trust or otherwise;(4) Personally or by the publication or circulation of advertisements solicit such payment of money to any unauthorized individual, trustee, partnership or unincorporated association or the execution of a declaration of trust to or a contract with, any unauthorized individual, trustee, partnership or unincorporated association, under which such payments will become due and payable;(5) Engage in or conduct a business similar to the business of a savings bank or of a savings and loan association, or promise to make loans at any time, either fixed or uncertain, upon real estate security for building, home-owning, savings or investment purposes as an inducement for the payment of sums of money in installments of less than five hundred dollars each to any unauthorized person, trustee, partnership or unincorporated association;(6) Engage in the business of transmitting money or receiving money for transmission in any manner whatsoever; provided, however, that nothing contained in this paragraph shall apply to an individual, partnership or unincorporated association licensed pursuant to the provisions of article thirteen-B of this chapter. Any person who shall violate any provision of this section shall be guilty of a misdemeanor.