292.545 Interest charges by broker or dealer. Interest charged by a broker or dealer registered under the Securities Exchange Act of 1934, as amended, or registered under KRS 292.330, as now or hereafter amended, on a debit balance in an account for a customer, shall be exempt from the provisions of K RS Chapter 360 if such debit balance is payable at will without penalty and is secured by securities as defined in Uniform Commercial Code -- Article 8. Investment Securities. History: Created 1972 Ky. Acts ch. 265, sec. 19.
Kentucky Legal Code