{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-321.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-321.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-321.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-321.html"}],"law_id":374220,"edition_id":2,"section_id":374220,"structure_id":53212,"section_number":"6.2-321","catch_line":"Loans pursuant to stock option financing programs","history":"2003, c. 439, \u00a7 6.1-330.78:1; 2010, c. 794.","full_text":"A\n\nAs 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.\n\nB\n\nNo 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.\n\n","order_by":null,"text":{"0":{"id":1397026,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1397027,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":53212,"edition_id":2,"name":"Loans Exempt From Limit on Contract Rate of Interest","identifier":"4","label":"article","depth":4,"order_by":4,"parent_id":53208,"metadata":{"child_laws":21,"child_structures":0},"date_created":"2026-08-02 03:13:09","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490379,"object_type":"structure","relational_id":53212,"identifier":"4","token":"6.2\/I\/3\/4","url":"\/6.2\/I\/3\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53208,"edition_id":2,"name":"Interest and Usury","identifier":"3","label":"chapter","depth":3,"order_by":3,"parent_id":53153,"metadata":{"child_laws":30,"child_structures":4},"date_created":"2026-08-02 03:13:07","date_modified":"2026-08-02 12:27:55","permalink":{"id":1490335,"object_type":"structure","relational_id":53208,"identifier":"3","token":"6.2\/I\/3","url":"\/6.2\/I\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53153,"edition_id":2,"name":"General Provisions","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":53152,"metadata":{"child_laws":99,"child_structures":18},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:54","permalink":{"id":1490253,"object_type":"structure","relational_id":53153,"identifier":"I","token":"6.2\/I","url":"\/6.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374208,"structure_id":53212,"section_number":"6.2-309","catch_line":"Charges by banks and savings institutions on installment loans","url":"\/6.2-309\/","token":"6.2\/I\/3\/4\/6.2-309","metadata":false},{"id":374209,"structure_id":53212,"section_number":"6.2-310","catch_line":"Rate of interest chargeable by state banks and savings institutions","url":"\/6.2-310\/","token":"6.2\/I\/3\/4\/6.2-310","metadata":false},{"id":374210,"structure_id":53212,"section_number":"6.2-311","catch_line":"Closed-end installment loans by sellers of goods or services","url":"\/6.2-311\/","token":"6.2\/I\/3\/4\/6.2-311","metadata":false},{"id":374211,"structure_id":53212,"section_number":"6.2-312","catch_line":"Open-end credit plans","url":"\/6.2-312\/","token":"6.2\/I\/3\/4\/6.2-312","metadata":false},{"id":374212,"structure_id":53212,"section_number":"6.2-313","catch_line":"Open-end credit extended by banks or savings institutions","url":"\/6.2-313\/","token":"6.2\/I\/3\/4\/6.2-313","metadata":false},{"id":374213,"structure_id":53212,"section_number":"6.2-314","catch_line":"Motor vehicle purchase loans by subsidiaries and affiliates of banks and savings institutions","url":"\/6.2-314\/","token":"6.2\/I\/3\/4\/6.2-314","metadata":false},{"id":374214,"structure_id":53212,"section_number":"6.2-315","catch_line":"Loans by certain financial institutions or brokers payable on demand or having a term up to one year","url":"\/6.2-315\/","token":"6.2\/I\/3\/4\/6.2-315","metadata":false},{"id":374215,"structure_id":53212,"section_number":"6.2-316","catch_line":"Loans of $5,000 or more made by certain financial institutions","url":"\/6.2-316\/","token":"6.2\/I\/3\/4\/6.2-316","metadata":false},{"id":374216,"structure_id":53212,"section_number":"6.2-317","catch_line":"Loans of $5,000 or more for business or investment purposes","url":"\/6.2-317\/","token":"6.2\/I\/3\/4\/6.2-317","metadata":false},{"id":374217,"structure_id":53212,"section_number":"6.2-318","catch_line":"Loans by credit unions","url":"\/6.2-318\/","token":"6.2\/I\/3\/4\/6.2-318","metadata":false},{"id":374218,"structure_id":53212,"section_number":"6.2-319","catch_line":"Loans by pension plans to participants","url":"\/6.2-319\/","token":"6.2\/I\/3\/4\/6.2-319","metadata":false},{"id":374219,"structure_id":53212,"section_number":"6.2-320","catch_line":"Loans by industrial loan associations","url":"\/6.2-320\/","token":"6.2\/I\/3\/4\/6.2-320","metadata":false},{"id":374220,"structure_id":53212,"section_number":"6.2-321","catch_line":"Loans pursuant to stock option financing programs","url":"\/6.2-321\/","token":"6.2\/I\/3\/4\/6.2-321","metadata":false},{"id":374221,"structure_id":53212,"section_number":"6.2-322","catch_line":"Extensions of credit on pledged securities","url":"\/6.2-322\/","token":"6.2\/I\/3\/4\/6.2-322","metadata":false},{"id":374222,"structure_id":53212,"section_number":"6.2-323","catch_line":"Educational loans by banks or savings institutions","url":"\/6.2-323\/","token":"6.2\/I\/3\/4\/6.2-323","metadata":false},{"id":374223,"structure_id":53212,"section_number":"6.2-324","catch_line":"Educational loans by private institution of higher education","url":"\/6.2-324\/","token":"6.2\/I\/3\/4\/6.2-324","metadata":false},{"id":374224,"structure_id":53212,"section_number":"6.2-325","catch_line":"Certain loans secured by first deed of trust or mortgage","url":"\/6.2-325\/","token":"6.2\/I\/3\/4\/6.2-325","metadata":false},{"id":374225,"structure_id":53212,"section_number":"6.2-326","catch_line":"Fees and charges in connection with loans by real estate lenders","url":"\/6.2-326\/","token":"6.2\/I\/3\/4\/6.2-326","metadata":false},{"id":374226,"structure_id":53212,"section_number":"6.2-327","catch_line":"Certain loans secured by a subordinate deed of trust or mortgage","url":"\/6.2-327\/","token":"6.2\/I\/3\/4\/6.2-327","metadata":false},{"id":374227,"structure_id":53212,"section_number":"6.2-328","catch_line":"Charges allowed on loan secured by subordinate mortgage","url":"\/6.2-328\/","token":"6.2\/I\/3\/4\/6.2-328","metadata":false},{"id":374228,"structure_id":53212,"section_number":"6.2-329","catch_line":"Loans insured or guaranteed by certain governmental agencies","url":"\/6.2-329\/","token":"6.2\/I\/3\/4\/6.2-329","metadata":false}],"previous_section":{"id":374219,"structure_id":53212,"section_number":"6.2-320","catch_line":"Loans by industrial loan associations","url":"\/6.2-320\/","token":"6.2\/I\/3\/4\/6.2-320","metadata":false},"next_section":{"id":374221,"structure_id":53212,"section_number":"6.2-322","catch_line":"Extensions of credit on pledged securities","url":"\/6.2-322\/","token":"6.2\/I\/3\/4\/6.2-322","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-321\/","history_text":"

This law was first created in 2003. The record of its establishment is cataloged in chapter 439<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2010, chapter 794<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1490429,"object_type":"law","relational_id":374220,"identifier":"6.2-321","token":"6.2\/I\/3\/4\/6.2-321","url":"\/6.2-321\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-321\/","token":"6.2\/I\/3\/4\/6.2-321","dublin_core":{"Title":"Loans pursuant to stock option financing programs","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-321","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “stock option financing program loan<\/span>” 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No person<\/span> shall, by way of defense or otherwise, avail himself of the provisions of this chapter, or any other statutory or case law<\/span> 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<\/span> pursuant to a stock option financing program loan<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOANS PURSUANT TO STOCK OPTION FINANCING PROGRAMS (\u00a7 6.2-321)\n\nA. As used in this section, “stock option financing program loan”\nmeans a loan pursuant to which a lender finances the option holder’s\nexercise of the option to purchase stock, which exercise is financed through\nsuch means as purchasing the stock on margin, selling sufficient shares of the\nstock to cover the total exercise cost, or selling the full quantity of stock to\ncover the total exercise cost.\n\nB. No person shall, by way of defense or otherwise, avail himself of the\nprovisions of this chapter, or any other statutory or case law relating to usury\nor compounding of interest, to avoid or defeat the payment of interest, or any\nother sum, in connection with a loan made to a person pursuant to a stock option\nfinancing program loan.\n\nHISTORY: 2003, c. 439, \u00a7 6.1-330.78:1; 2010, c. 794.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}