State Codes and Statutes
Statutes > Virginia > Title-6-2 > Chapter-3 > 6-2-322§ 6.2-322. (Effective October 1, 2010) Extensions of credit on pledgedsecurities.
A broker-dealer licensed by the Commission and registered with the SecuritiesExchange Commission who extends credit to a customer on pledged securities aspermitted under the provisions of the Securities Exchange Act of 1934, maycharge the customer, on his debit balances that are payable on demand,interest at a annual rate that does not exceed one and three-quarters percentabove the higher of:
1. The interest rate charged such broker-dealer by a bank doing business inthe Commonwealth on loans collateralized by securities; or
2. The interest rate charged such broker-dealer by a bank doing business inthe Commonwealth on loans for business purposes.
(1987, c. 622, § 6.1-330.65; 2010, c. 794.)
