6.2-321 - (Effective October 1, 2010) Loans pursuant to stock option financing programs.
§ 6.2-321. (Effective October 1, 2010) Loans pursuant to stock optionfinancing programs.
A. As used in this section, "stock option financing program loan" means aloan pursuant to which a lender finances the option holder's exercise of theoption to purchase stock, which exercise is financed through such means aspurchasing the stock on margin, selling sufficient shares of the stock tocover the total exercise cost, or selling the full quantity of stock to coverthe total exercise cost.
B. No person shall, by way of defense or otherwise, avail himself of theprovisions of this chapter, or any other statutory or case law relating tousury or compounding of interest, to avoid or defeat the payment of interest,or any other sum, in connection with a loan made to a person pursuant to astock option financing program loan.
(2003, c. 439, § 6.1-330.78:1; 2010, c. 794.)