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, which was published by the Federal Reserve on June 24, 2024.
Commissioner Gonzales indicated that this rate will remain effective until there is a change in the average prime loan rate as announced by the Federal Reserve Bank.
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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 announce the formula rate of interest on a weekly basis.
For further information, please contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
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