Va. Code Ann. § 6.2-322
This is the official text of Va. Code Ann. § 6.2-322, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
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Extensions of credit on pledged securities
Official statutory text
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.
1987, c. 622, § 6.1-330.65; 2010, c. 794 .
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.
1987, c. 622, § 6.1-330.65; 2010, c. 794 .
Status: in_force · Read it on the official government site
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