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. The 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 8, 2024.
Commissioner Gonzales stated that this rate will remain in effect until the average prime loan rate, as announced by the Federal Reserve Bank, changes.
Latest TN News
According to Chapter 464, Public Acts of 1983, which regulates interest rates in Tennessee, the Commissioner of Financial Institutions is required to make a weekly announcement of the formula rate of interest.
For more information, please contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
Source: Read Original Release