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 July 29, 2024.
Commissioner Gonzales indicated that the rate will remain in effect until there is a change in the average prime loan rate as announced by the Federal Reserve Bank. According to Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee, the Commissioner of Financial Institutions is required to announce the formula rate of interest on a weekly basis.
Latest TN News
For more information, contact Alica Owen, Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
Source: Read Original Release