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 determined 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 July 22, 2024. Commissioner Gonzales stated that this rate will remain in effect until there is a change in the average prime loan rate announced by the Federal Reserve Bank.
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According to Chapter 464, Public Acts of 1983, the legislation that regulates interest rates in Tennessee, the commissioner of Financial Institutions is required to announce the formula rate of interest on a weekly basis.
For more information, you can contact Alica Owen, Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
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