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Introduced Version Senate Bill 2 History

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sb2 intr
Senate Bill No. 2

(By Senator Minard)

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[Introduced February 9, 2005; referred to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-15-9i, relating to providing an exemption from consumers sales tax for certain charges by mortgage brokers, lenders and loan originators licensed by the Commissioner of Banking; and specifying an effective date.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated section §11-15-9i, to read as follows:
ARTICLE 15. CONSUMERS SALES AND SERVICE TAX.
§11-15-9i. Exemption for sales and services by licensed mortgage lenders, brokers and loan originators.

Brokerage fees, additional charges and finance charges, as those terms are defined in section one, article seventeen, chapter thirty-one of this code, charged by a broker, lender or loan originator, as those terms are defined in section one of that article, who is licensed by the Division of Banking under article seventeen, chapter thirty-one of this code are exempt from the tax imposed by this article beginning the first day of January, two thousand five.



NOTE: The purpose of this bill is to exempt from the consumers sales and service tax certain charges by mortgage brokers, lenders and loan originators licensed by the West Virginia division of banking under article seventeen, chapter thirty-one of the code of West Virginia.


This section is new; therefore, strike-throughs and underscoring have been omitted.
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