NASHVILLE—The Tennessee Department of Financial Institutions Commissioner, Greg Gonzales, announced today that the maximum effective formula rate of interest in the state is set at 12.50 percent per annum. This rate is calculated based on a ceiling of 4 percent over the weekly average prime loan rate, which is currently 8.50 percent as published by the Federal Reserve on July 1, 2024.
Commissioner Gonzales stated that this rate will remain in effect until there is a change in the average prime loan rate as announced by the Federal Reserve Bank. The regulation of interest rates in Tennessee is governed by Chapter 464, Public Acts of 1983, which mandates that the Commissioner of Financial Institutions make a weekly announcement of the formula rate of interest.
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For further information, you may contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
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