Virginia § 6.2-322 - Extensions of credit on pledged securities
Full text of Virginia Code of Virginia § 6.2-322 — Extensions of credit on pledged securities, with citation guidance and answers to common questions.
§ 6.2-322. Extensions of credit on pledged securities
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.
1987, c. 622, § 6.1-330.65; 2010, c. 794.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-322
What does Code of Virginia § 6.2-322 cover?
Section 6.2-322 ("Extensions of credit on pledged securities") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 6.2-322?
A common citation format is "Code of Virginia § 6.2-322" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 6.2-322 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.