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 September 16, 2024.
Commissioner Gonzales stated that the rate will remain in effect until the average prime loan rate as announced by the Federal Reserve Bank changes. According to Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee mandates that the commissioner of Financial Institutions make a weekly announcement of the formula rate of interest.
Latest TN News
For further inquiries, contact Alica Owen, Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
Source: Read Original Release