Small Loan And Industrial Loan Business

2j.1. Persons engaged in the business of making loans of money, credit goods, or things in action, who because of such activity are required under the provisions of W. Va. Code §47-7A-1 et seq. as amended, to obtain a license from the West Virginia Commissioner of Banking, and persons engaged in business as an industrial loan company, shall report all gross income received before April 1, 1971, under the small loan and industrial loan classification. The measure of the tax for persons engaged in this type of business shall not include the return of capital or return of principal in making loans of money, credit goods or things in action.

2j.2. All gross income received by such persons, as described in the preceding paragraph, received on or after April 1, 1971, shall be reported under the banking classification on the municipal business and occupation tax return. (See Section 2k of these rules and regulations.)