23VAC10-500-380: Financial services; definitions

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, unless such service is specifically provided for under another section of the BPOL Regulations (23VAC10-500-10 et seq.). For purposes of this classification, the term:

1. "Broker" means an agent of a buyer or a seller who buys or sells stocks, bonds, commodities, or services, usually on a commission basis.

2. "Commodity" means staples such as wool, cotton, etc. that are traded on a commodity exchange and on which there is trading in futures.

3. "Dealer" means any person engaged in the business of buying and selling securities for his own account, but does not include a bank, or any person insofar as he buys or sells securities for his own account, either individually or in some fiduciary capacity, but not as part of a regular business.

4. "Security" shall have the same meaning as in the Securities Act (§ 13.1-501 et seq. of the Code of Virginia) or in similar laws of the United States regulating the sale of securities.