                                 CODE OF VIRGINIA

EXTENSIONS OF CREDIT ON PLEDGED SECURITIES (§ 6.2-322)

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.

HISTORY: 1987, c. 622, § 6.1-330.65; 2010, c. 794.