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 15, 2024.
Commissioner Gonzales stated that this rate will remain effective until there is a change in the average prime loan rate as announced by the Federal Reserve Bank.
Latest TN News
Chapter 464, Public Acts of 1983, which regulates interest rates in Tennessee, mandates that the Commissioner of Financial Institutions announce the formula rate of interest on a weekly basis.
For further information, contact Alica Owen, Public Information Officer, Tennessee Department of Financial Institutions, at (615) 289-4738.
Source: Read Original Release
Tennessee Earns 44th Award for Financial Reporting
Tennessee has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for its Annual Comprehensive Financial Report for the fiscal year ending June 30, 2023, marking the 44th year of recognition for the state.