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. This 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 June 17, 2024.
Commissioner Gonzales noted that the rate will remain in effect until the average prime loan rate, as announced by the Federal Reserve Bank, changes.
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Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee, mandates that the commissioner of Financial Institutions make a weekly announcement of the formula rate of interest.
For more information, you can reach out to Alica Owen, Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
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