6.1-330.65 - (Repealed effective October 1, 2010) Extension of credit under Securities Exchange Act. - Virginia Statutes

§ 6.1-330.65. (Repealed effective October 1, 2010) Extension of credit underSecurities Exchange Act.

A broker-dealer licensed by the State Corporation Commission and registeredwith the Securities Exchange Commission who extends credit to a customer onpledged securities as permitted under the provisions of the SecuritiesExchange Act of 1934, may charge the customer on his debit balances that arepayable on demand interest not exceeding an annual rate of one andthree-quarters percent above the higher of:

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

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

(1987, c. 622.)