NASHVILLE—Tennessee Department of Financial Institutions Commissioner Greg Gonzales has announced that the maximum effective formula rate of interest in Tennessee is now 12.50 percent per annum. This rate is determined based on a ceiling of 4 percent over the weekly average prime loan rate, which is 8.50 percent as published by the Federal Reserve on May 20, 2024.
Commissioner Gonzales noted that this rate will remain in effect until the Federal Reserve Bank announces a change in the average prime loan rate.
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The current legislation, Chapter 464, Public Acts of 1983, mandates that the Commissioner of Financial Institutions make a weekly announcement regarding the formula rate of interest.
For further information, contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
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