Va. Code § 6.2-322

Current with changes from the 2024 legislative session through ch. 845

Section 6.2-322 - Extensions of credit on pledged securities

A broker-dealer licensed by the Commission and registered with the Securities Exchange Commission who extends credit to a customer on pledged securities as permitted under the provisions of the Securities Exchange Act of 1934, may charge the customer, on his debit balances that are payable on demand, interest at a annual rate that does not exceed one and three-quarters percent above the higher of:

1. The interest rate charged such broker-dealer by a bank doing business in the Commonwealth on loans collateralized by securities; or

2. The interest rate charged such broker-dealer by a bank doing business in the Commonwealth on loans for business purposes.

Va. Code § 6.2-322

1987, c. 622, § 6.1-330.65; 2010, c. 794.

Amended by Acts 2010, § c. 794.

Amended by Acts 1987, § c. 622, § 6.1-330.65.