6.2-322 - (Effective October 1, 2010) Extensions of credit on pledged securities.

§ 6.2-322. (Effective October 1, 2010) Extensions of credit on pledgedsecurities.

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

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

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

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