NASHVILLE–Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee 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 the Federal Reserve reported as 8.50 percent on August 26, 2024.
Commissioner Gonzales indicated that this rate will remain in effect until the Federal Reserve Bank announces a change in the average prime loan rate. The regulation of interest rates in Tennessee is governed by Chapter 464, Public Acts of 1983. This legislation mandates that the commissioner of Financial Institutions make a weekly announcement of the formula rate of interest.
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For further information, contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
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Tennessee July Revenues Reported at $1.7 Billion
Tennessee’s July revenues reached $1.7 billion, showing a 3.10% increase from the previous year, with sales tax receipts, motor vehicle registration fees, and other taxes contributing to the gains. Despite exceeding revised budget estimates for the fiscal year, general fund revenues fell short of original estimates set in July 2023. The State Funding Board has adjusted revenue growth projections for the current fiscal year, reflecting a more cautious outlook.