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 August 19, 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.
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Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee, requires the commissioner of Financial Institutions to make a weekly announcement of the formula rate of interest.
For additional information, you may contact Alica Owen, Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
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