A. As used in this section, "stock option financing program loan" means a loan pursuant to which a lender finances the option holder's exercise of the option to purchase stock, which exercise is financed through such means as purchasing the stock on margin, selling sufficient shares of the stock to cover the total exercise cost, or selling the full quantity of stock to cover the total exercise cost.
B. No person shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other statutory or case law relating to usury 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 a stock option financing program loan.
2003, c. 439, § 6.1-330.78:1; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 3 - Interest and Usury
§ 6.2-301. Legal rate of interest; when legal rate implied
§ 6.2-302. Judgment rate of interest
§ 6.2-303. Contracts for more than legal rate of interest
§ 6.2-304. Plea of usury; judgment
§ 6.2-306. Waiver of rights violative of public policy
§ 6.2-307. Assertion of defenses or claims by borrowers; effect of assignment
§ 6.2-308. Entities not permitted to plead usury
§ 6.2-309. Charges by banks and savings institutions on installment loans
§ 6.2-310. Rate of interest chargeable by state banks and savings institutions
§ 6.2-311. Closed-end installment loans by sellers of goods or services
§ 6.2-312. Open-end credit plans
§ 6.2-313. Open-end credit extended by banks or savings institutions
§ 6.2-316. Loans of $5,000 or more made by certain financial institutions
§ 6.2-317. Loans of $5,000 or more for business or investment purposes
§ 6.2-318. Loans by credit unions
§ 6.2-319. Loans by pension plans to participants
§ 6.2-320. Loans by industrial loan associations
§ 6.2-321. Loans pursuant to stock option financing programs
§ 6.2-322. Extensions of credit on pledged securities
§ 6.2-323. Educational loans by banks or savings institutions
§ 6.2-324. Educational loans by private institution of higher education
§ 6.2-325. Certain loans secured by first deed of trust or mortgage
§ 6.2-326. Fees and charges in connection with loans by real estate lenders
§ 6.2-327. Certain loans secured by a subordinate deed of trust or mortgage
§ 6.2-328. Charges allowed on loan secured by subordinate mortgage
§ 6.2-329. Loans insured or guaranteed by certain governmental agencies