Upon every person engaging or continuing within this City in the business of making loans or money, credit goods or things in action, who because of such activity is required under the provisions of West Virginia Code Article 47-7A, to obtain a license from the Commissioner of Banking of the State and upon each and every industrial loan company, the tax shall be twenty-five one-hundredths percent (.25%) of the gross income of any activity. Persons subject to the provisions of this section shall, on and after July 1, 1971, be subject to the provisions of Section 757.12. (Passed 4-4-78)