6.1-330.78:1 - (Repealed effective October 1, 2010) Charge on option financing contracts - Virginia Statutes

§ 6.1-330.78:1. (Repealed effective October 1, 2010) Charge on optionfinancing contracts.

No person shall, by way of defense or otherwise, avail himself of theprovisions of this chapter, or any other section 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, pursuant to which a lender finances theoption holder's exercise of the option to purchase stock, which exercise isfinanced through such means as purchasing the stock on margin, sellingsufficient shares of the stock to cover the total exercise cost, or sellingthe full quantity of stock to cover the total exercise cost.

(2003, c. 439.)