Virginia § 6.2-322 Extensions of credit on pledged securities

Virginia Statutes

§ 6.2-322 — Extensions of credit on pledged securities

Virginia § 6.2-322

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IGENERAL PROVISIONS

Ch. 3INTEREST AND USURY

Art. 4LOANS EXEMPT FROM LIMIT ON CONTRACT RATE OF INTEREST

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Bluebook

Va. Code Ann. § 6.2-322 (2026).

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.

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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.