§ 10-28. Applicability of tax—Financial services.

(a)

Any person rendering a service for compensation in the form of a credit agency, an investment company, a broker or dealer in securities and commodities or a security or commodity exchange is providing a financial service and is subject to the tax prescribed in this division, unless such service is specifically provided for under another section of this article.

(b)

For the purposes of this division, those engaged in rendering financial services include, but are not limited to, the following:

(1)

Buying installment receivables.

(2)

Chattel mortgage financing.

(3)

Consumer financing.

(4)

Credit card services.

(5)

Credit unions, other than federal credit unions.

(6)

Factors.

(7)

Financing accounts receivable.

(8)

Industrial loan companies.

(9)

Installment financing.

(10)

Inventory financing.

(11)

Loan or mortgage brokers.

(12)

Loan or mortgage companies.

(13)

Safety deposit box companies.

(14)

Security and commodity brokers and services.

(15)

Stockbrokers.

(16)

Working capital financing.

(c)

For the purposes of this section, any person, other than a national bank or bank or trust company organized under the laws of the state or a duly licensed and practicing attorney at law, who engages in the business of buying or selling for others, on commission or for other compensation, shares in any corporation, bonds, notes or other evidences of debt is a stockbroker. The fact that orders are taken subject to approval by a main office does not relieve any broker from local license taxation under this division. Also, an insurance company engaged in selling mutual funds is a broker as to that portion of its business. (4-21-88, § 57.)