Tennessee Announces Weekly Formula Interest Rate for April 2023

The maximum effective formula rate of interest in Tennessee is set at 12.50 percent per annum.

NASHVILLE–Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.50 percent per annum.

The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.50 percent as published by the Federal Reserve on April 22, 2024.

Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes.

Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee, requires that the commissioner of Financial Institutions make an announcement weekly of the formula rate of interest.

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Tennessee Tax Revenues Exceed March Estimates

Tennessee tax revenues in March 2023 exceeded budgeted estimates by $17.6 million, or 3.42 percent, despite mixed performance across various tax categories, according to Department of Finance and Administration Commissioner Jim Bryson.