W. Va. Code R. § 110-10B-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-10B-2 - Definitions

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.

2.8. "Tax" or "taxes" includes taxes administered under the authority of W. Va. Code § 11-10-1 et seq., additions to tax, penalties and interest.

2.9. "Taxpayer" means any person required to file a return for any tax administered under W. Va. Code § 11-10-1 et seq., or any person liable for the payment of any tax administered under W. Va. Code § 11-10-1 et seq.

W. Va. Code R. § 110-10B-2