Senate Bill No. 210
(By Senator Minard)
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[Introduced January 18, 2006; referred to the Committee
on Banking and Insurance; and then 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 and service 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 §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 six.
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.