NASHVILLE—The Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is set at 12.50 percent per annum.
This rate is calculated based on a ceiling of 4 percent above the weekly average prime loan rate of 8.50 percent, as published by the Federal Reserve on May 28, 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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According to Chapter 464, Public Acts of 1983, which regulates interest rates in Tennessee, the commissioner of Financial Institutions is required to 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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