Terms Used In West Virginia Code > Chapter 5 > Article 16D - West Virginia Retirement Health Benefit Trust Fund

• Actuarial assumptions: means assumptions regarding the occurrence of future events affecting the fund such as mortality, withdrawal, disability, and retirement. See West Virginia Code 5-16D-1
• Actuarial cost method: means a method for determining the actuarial present value of the obligations and administrative expenses of the fund and for developing an actuarially equivalent allocation of the value to time periods, usually in the form of a normal cost and a total other post-employment benefits liability. See West Virginia Code 5-16D-1
• Actuarial valuation: means the determination, as of a valuation date, of the normal cost, total other post-employment benefits liability, actuarial value of assets, and related actuarial present values for the fund. See West Virginia Code 5-16D-1
• Actuarially sound: means that calculated contributions to the fund are sufficient to pay the full actuarial cost of the fund. See West Virginia Code 5-16D-1
• Additional charges: means every type of charge arising out of the making or acceptance of a primary or subordinate mortgage loan, except finance charges, including, but not limited to, official fees and taxes, reasonable closing costs and certain documentary charges and insurance premiums and other charges which definition is to be read in conjunction with and permitted by section one hundred nine, article three, chapter . See West Virginia Code 31-17-1
• Administrative expenses: means all expenses incurred in the operation of the fund, including all investment expenses. See West Virginia Code 5-16D-1
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affiliated: means persons under the same ownership or management control. See West Virginia Code 31-17-1
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Amount financed: means the total of the following items to the extent that payment is deferred:

  (1) The cash price of the goods, services or interest in land, less the amount of any down payment, whether made in cash or in property traded in. See West Virginia Code 31-17-1

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Applicant: means a person who has applied for a lender or broker license. See West Virginia Code 31-17-1
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Authority: means the West Virginia economic development authority. See West Virginia Code 31-15-4
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the governing body of the authority. See West Virginia Code 31-15-4
• board: means the board of directors of the corporation to be appointed under the provisions of section six of this article. See West Virginia Code 31-21-2
• Board: means the Public Employees Insurance Agency Finance Board created in §. See West Virginia Code 5-16D-1
• Bonds: means bonds or other debt instruments of the authority issued under this article, whether the interest thereon is taxable or tax-exempt for federal income tax purposes. See West Virginia Code 31-15-4
• Broker: means any person acting in the regular course of business who, for a fee or commission or other consideration, negotiates or arranges, or who offers to negotiate or arrange, or originates or assigns a primary or subordinate mortgage loan between a lender and a borrower. See West Virginia Code 31-17-1
• Business plan: means a document detailing the sales, production and distribution plans of an enterprise, together with the expenditures necessary to carry out those plans (including budget and cash flow projections) on an annual basis, and an employment plan setting forth steps to be taken by the enterprise to retain jobs or reduce unemployment in this state. See West Virginia Code 31-15-4
• Collective net other post-employment benefits liability: means for any actuarial valuation, the excess of the plan&rsquo. See West Virginia Code 5-16D-1
• Commissioner: means the Commissioner of Financial Institutions of this state. See West Virginia Code 31-17-1
• Commissioner: means the Commissioner of Financial Institutions of this state. See West Virginia Code 31-17A-2
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• Continuance: Putting off of a hearing ot trial until a later time.
• County: means any county of this state. See West Virginia Code 31-15-4
• Covered health care expenses: means all actual health care expenses paid by the health plan on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• delivery: means any method of delivery used in conventional commercial practice, including, but not limited to, delivery by hand, mail, commercial delivery and electronic transmission. See West Virginia Code 31D-1-150
• DEP: means the West Virginia Department of Environmental Protection or any successor agency. See West Virginia Code 31-21-2
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the West Virginia Division of Financial Institutions. See West Virginia Code 31-17A-2
• electronically transmitted: means any process of communication not directly involving the physical transfer of paper that is suitable for the retention, retrieval and reproduction of information by the recipient. See West Virginia Code 31D-1-150
• Employer: means any employer as defined by §. See West Virginia Code 5-16D-1
• Enterprise: means an entity which is or proposes to be engaged in this state in any business activity for profit. See West Virginia Code 31-15-4
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal agency: means the United States of America and any department, corporation, agency or instrumentality created, designated or established by the United States of America. See West Virginia Code 31-15-4
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Finance charge: means the sum of all interest and similar charges payable directly or indirectly by the debtor imposed or collected by the lender incident to the extension of credit as coextensive with the definition of "loan finance charge" set forth in section one hundred two, article one, chapter . See West Virginia Code 31-17-1
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fund: means the economic development fund provided for in section twenty-three of this article. See West Virginia Code 31-15-4
• Fund: means the West Virginia Retiree Health Benefit Trust Fund established under this article. See West Virginia Code 5-16D-1
• Fund beneficiaries: means all persons receiving post-employment health care benefits through the health plan. See West Virginia Code 5-16D-1
• Government: means state and federal government, and any political subdivision, agency or instrumentality thereof, corporate or otherwise. See West Virginia Code 31-15-4
• Health plan: means the health insurance plan or plans established under §. See West Virginia Code 5-16D-1
• immediate family: means mother, stepmother, father, stepfather, sister, stepsister, brother, stepbrother, spouse, child and grandchildren. See West Virginia Code 31-17-1
• Immediate family member: means a spouse, child, sibling, parent, grandparent, or grandchild. See West Virginia Code 31-17A-2
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Individual: means a natural person. See West Virginia Code 31-17A-2
• Industrial development agency: means any incorporated organization, foundation, association or agency to whose members or shareholders no profit inures, which has as its primary function the promotion, encouragement and development of industrial, commercial, manufacturing and tourist enterprises or projects in this state. See West Virginia Code 31-15-4
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance fund: means the insurance fund created in this article. See West Virginia Code 31-15-4
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Lender: means any person who makes or offers to make or accepts or offers to accept or purchases or services any primary or subordinate mortgage loan in the regular course of business. See West Virginia Code 31-17-1
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means any person duly licensed by the commissioner under the provisions of this article or article seventeen-a of this chapter as a lender, broker or mortgage loan originator. See West Virginia Code 31-17-1
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan: means an extension of financing by the authority to an industrial development agency or an enterprise, including, but not limited to, a loan, a lease or an installment sale. See West Virginia Code 31-15-4
• Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under §. See West Virginia Code 31-17A-2
• Minimum annual employer payment: means the annual amount paid by employers which, when combined with the retirees&rsquo. See West Virginia Code 5-16D-1
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan and is sponsored by a mortgage lender, broker, or regulated consumer lender licensed by the Division of Financial Institutions. See West Virginia Code 31-17A-2
• Municipality: means any city or town in this state. See West Virginia Code 31-15-4
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage brokers and lenders licensed under this article and mortgage loan originators licensed under article seventeen-a of this chapter. See West Virginia Code 31-17-1
• Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of mortgage brokers and lenders licensed pursuant to §. See West Virginia Code 31-17A-2
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nontraditional mortgage product: means any mortgage product other than a fixed rate mortgage. See West Virginia Code 31-17A-2
• Normal cost: means that portion of the actuarial present value of the fund obligations and expenses which is allocated to a valuation year by the actuarial cost method used for the fund. See West Virginia Code 5-16D-1
• Notes: means any notes, including commercial paper, of the authority issued under this article whether the interest thereon is taxable or tax-exempt for federal income tax purposes. See West Virginia Code 31-15-4
• Obligations: means the administrative expenses of the fund and the cost of covered health care expenses incurred on behalf of fund beneficiaries. See West Virginia Code 5-16D-1
• Offense: includes every act or omission for which a fine, forfeiture, or punishment is imposed by law. See West Virginia Code 2-2-10
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: means an individual, partnership, association, trust, corporation or any other legal entity, or any combination thereof. See West Virginia Code 31-17-1
• Person: means a natural person, corporation, company, limited liability company, partnership, or association. See West Virginia Code 31-17A-2
• Person: includes , but is not limited to, an individual and an entity. See West Virginia Code 31D-1-150
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• Plan for other post-employment benefits: means the fiscal funding plan for retiree post-employment health care benefits as it relates to governmental accounting standards board statement no. See West Virginia Code 5-16D-1
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Project: means a commercial or industrial undertaking and all of the assets reasonably and necessarily required therefor, all as determined by the authority, which determination shall be conclusive, and shall include, without limiting the generality of the foregoing, industrial projects and commercial projects as presently defined in section three, article two-c, chapter thirteen. See West Virginia Code 31-15-4
• Proportionate share: means the portion of the collective net other post-employment benefits liability that is attributed to, and the responsibility of, a particular employer. See West Virginia Code 5-16D-1
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, all rights thereto and interests therein, except chattel interests. See West Virginia Code 2-2-10
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Registered mortgage loan originator: means any individual who:

  (1) Meets the definition of mortgage loan originator and is an employee of:

  (A) A depository institution. See West Virginia Code 31-17A-2

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Residential mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling as defined in Section 103(w) of the Truth in Lending Act or residential real estate upon which is constructed or intended to be constructed a dwelling. See West Virginia Code 31-17A-2
• Residential real estate: means any real property located in West Virginia, upon which is constructed or intended to be constructed a dwelling. See West Virginia Code 31-17A-2
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retiree: means retired employee as defined by §. See West Virginia Code 5-16D-1
• retiree post-employment health care benefits: means those benefits as addressed by governmental accounting standards board statement no. See West Virginia Code 5-16D-1
• Revenues: means all fees, premiums, charges, moneys, profits, payment or principal of or interest on, loans and other investments, gifts, grants, appropriations, contributions and all other income derived or to be derived by the authority under this article. See West Virginia Code 31-15-4
• Secretary: means the corporate officer to whom the board of directors has delegated responsibility under subsection (c), section eight hundred forty, article eight of this chapter for custody of the minutes of the meetings of the board of directors and the meetings of the shareholders and for authenticating records of the corporation. See West Virginia Code 31D-1-150
• Security interest: means an interest in the loan portfolio of the authority which interest is secured by an underlying loan or loans and is evidenced by a note issued by the authority. See West Virginia Code 31-15-4
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• signature: includes , but is not limited to, any manual, facsimile, conformed or electronic signature with means to identify a record by signature, mark or other symbol, with intent to authenticate it. See West Virginia Code 31D-1-150
• Subordinate mortgage loan: means any loan primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling as defined in Section 103(w) of the Truth in Lending Act or residential real estate upon which is constructed or intended to be constructed a dwelling and is subject to the lien of one or more prior recorded mortgages or deeds of trust. See West Virginia Code 31-17-1
• Subpoena: A command to a witness to appear and give testimony.
• system: means the West Virginia Consolidated Public Retirement Board created and established by §. See West Virginia Code 5-16D-1
• Testify: Answer questions in court.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Total other post-employment benefits liability: means that portion, as determined by a particular actuarial cost method, of the actuarial present value of fund obligations and administrative expenses which is not provided by future normal costs. See West Virginia Code 5-16D-1
• Town: includes a city, village or town, and the word "council" any body or board, whether composed of one or more branches, which is authorized to make ordinances for the government of a city, town, or village. See West Virginia Code 2-2-10
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See West Virginia Code 31-17A-2
• Venue: The geographical location in which a case is tried.