CHAPTER 224

An Act to amend the Code of Virginia by adding a new section numbered
§ 6-848.2, so as to confer on certain licensed broker-dealers the priv-
tlege of charging on their customers’ debit balances that are payable
on demand interest at a rate of not more than one and one-quarter
per centum per annum in excess of interest charges made such broker-
dealers by banks.

[fH 358]

Approved March 9, 1960

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia be amended by adding a new section
numbered 6-348.2 as follows:

§ 6-348.2. A broker-dealer licensed by the State Corporation Com-
mission and registered with the Securities and Exchange Commission who
extends credit to a customer on pledged securities as permitted under the
provisions of the Securities and Exchange Act of 1934, as amended, may
charge the customer on his debit balances that are payable on demand
such rate of interest as may be mutually agreed on, but not to exceed a
monthly charge at a rate of one and one-quarter per centum per annum
of the debit balances above the interest rate charged broker-dealers by
banks doing business in this State on loans collateralized by securities.