West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-10B - Payment Of Taxes By Credit Card Or Debit Card › Section 110-10B-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
When used in this rule and unless the context clearly
				  requires a different meaning, the following terms have the meaning ascribed in
				  this section.
2.1. "Code" means the
				Code of West Virginia of one thousand nine hundred thirty-one, as
				amended.
2.2. "Commissioner" or
				"Tax Commissioner" means the West Virginia Tax Commissioner or his or her
				delegate.
2.3. "Credit card" means
				any credit card as defined in section 103(k) of the Truth in Lending Act,
				15 U.S.C.
				1602(k), including any
				credit card, charge card or other credit device issued for the purpose of
				obtaining money, property, labor or services on credit.
2.4. "Debit card" means any accepted card or
				other means of access as defined in section 903(1) of the Electronic Funds
				Transfer Act,
				15 U.S.C.
				1693 a(1), including any debit card or
				similar device or means of access to an account issued for the purpose of
				initiating electronic fund transfers to obtain money, property, labor or
				services.
2.5. "Department" or "Tax
				Department" means the West Virginia State Tax Department.
2.6. "Person" includes, but is not limited
				to, any individual, firm, partnership, limited partnership, copartnership,
				joint adventure, association, corporation, municipal corporation, organization,
				receiver, estate, trust, guardian, executor, administrator, and also any
				officer, employee or member of any of the foregoing persons who, as an officer,
				employee or member, is under a duty to perform or is responsible for the
				performance of an act prescribed by the provisions of W. Va. Code §
									11-10-1 et
				seq., and the provisions of any of the other articles of this Code which impose
				taxes administered by the Tax Commissioner.
2.7. "Regulated financial corporation" means:
2.7.1. An institution, the deposits, shares
				or accounts of which are insured under the Federal Deposit Insurance
				Act;
2.7.2. An institution that is
				a member of a federal home loan bank;
2.7.3. Any other bank or thrift institution
				incorporated or organized under the laws of a state that is engaged in the
				business of receiving deposits;
2.7.4. A credit union incorporated and
				organized under the laws of this state;
2.7.5. A production credit association
				organized under
				12 U.S.C.
				2071;
2.7.6. A corporation organized under
				12
				U.S.C. 611 through
				631
				(an edge act corporation);
2.7.7. A
				federal or state agency or branch of a foreign bank (as defined in
				12
				U.S.C. 3101 ); or
2.7.8. A corporation which derives more than
				fifty percent of its gross business income from one or more of the following
				activities:
2.7.8.a. Making, acquiring,
				selling or servicing loans or extensions of credit which includes: secured or
				unsecured consumer loans; installment obligations; mortgages or other loans
				secured by real estate or tangible personal property; credit card loans;
				secured and unsecured commercial loans of any type; and loans arising in
				factoring;
2.7.8.b. Leasing or
				acting as an agent, broker or advisor in connection with leasing real and
				personal property that is the economic equivalent of an extension of
				credit;
2.7.8.c. Operating a credit
				card business; or
2.7.8.d.
				Receiving, maintaining or otherwise handling deposits.