W. Va. Code R. § 112-12-2

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

Section 112-12-2 - Definitions

2.1. "ACH" means automated clearinghouse, a national EFT network which enables participating financial institutions to distribute electronic credit and debit entries to accounts and to settle the entries.

2.2. "Card Issuer" means the financial institution issuing a charge, credit, or debit card.

2.3. "Card Payment Service Provider" means an entity that accepts payment by charge, credit, or debit card or electronic payment on behalf of a spending unit.

2.4. "Charge Card" means a card (usually plastic) issued for the purpose of obtaining money, property, or services on credit, with the full balance due at the end of each statement period.

2.5. "Convenience Fee" means a fixed charge assessed to a charge, credit, or debit card or electronic payment to help defray the cost of processing a transaction.

2.6. "Credit Card" means a card (usually plastic) issued for the purpose of obtaining money, property, or services on credit, with the full balance or minimum payments due at the end of each statement period. Interest is assessed on the unpaid balance.

2.7. "Customer" means any person or entity purchasing from a spending unit.

2.8. "Debit Card" means a card issued for the purpose of obtaining money, property, or services with the amount charged directly to the holder's financial institution account.

2.9. "Discount Fee" means the charges assessed to the merchant on the total sale by charge, credit, or debit card by a card issuer for accepting its card.

2.10. "Electronic Commerce" means the processing of transactions by electronic techniques, including, but not limited to, the telephone, IVR, POS terminal, internet, electronic payment, virtual terminal, and online transaction processing.

2.11. "EFT" means electronic funds transfer.

2.12. "Electronic Payment" means an EFT, including, but not limited to, payment by ACH, ACH based electronic check, wire transfer, and online transaction processing.

2.13. "Financial Institution" means a state or national bank or a state or federal savings and loan association.

2.14. "Internet" means the computer-based global information system linking computer networks all over the world by the use of internet protocol suite (TCP/IP).

2.15. "IVR" means a telephone interactive voice response system.

2.16. "Merchant" means any state spending unit that accepts charge, credit, or debit cards.

2.17. "Point of Sale Terminal" or "POS Terminal" means a device used for the primary purposes of transferring moneys to or from a financial institution account or segregating moneys in accounts within a financial institution, or both, for transactions, including, without limitation, devices used to implement and facilitate check guarantee and check authorization.

2.18. "Service Fee" means a fixed or variable rate charge assessed to a charge, credit, or debit card or electronic payment to help defray the cost of processing a transaction.

2.19. "Spending Unit" means any entity of the West Virginia state government for which an appropriation is requested or to which an appropriation is made by the Legislature.

2.20. "STO" means the West Virginia State Treasurer's Office.

2.21. "Transaction" means one electronic purchase or payment.

2.22. "Treasurer" means the West Virginia State Treasurer or his or her designee from the Treasurer's office.

2.23. "Virtual Terminal" means a web-browser based access to an acquirer, processor, or third party service provider website to authorize payment card transactions where the merchant manually enters payment card data via a securely connected web browser. Unlike physical terminals, virtual terminals do not read data directly from a payment card.

W. Va. Code R. § 112-12-2