Section 334.19 Interest Rates on Margin Accounts
334.19 INTEREST RATES ON MARGIN ACCOUNTS.
Subject to the provisions of chapter 80A, no law in this state prescribing or limiting interest rates upon loans applies to interest charged by a broker or dealer registered under the Securities Exchange Act of 1934, as amended, for carrying a debit balance including a debit balance arising out of a nonpurpose loan, in an account for a customer if such debit balance is payable on demand and secured by securities or bonds.
History:
1974 c 26 s 1; 1975 c 27 s 1