Virginia Code 6.2-321: Loans pursuant to stock option financing programs.
Current as of: 2024 | Check for updates
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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.
Terms Used In Virginia Code 6.2-321
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- Loan: means a loan or forbearance of money. See Virginia Code 6.2-300
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
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.