NASHVILLE—Greg Gonzales, the Commissioner of the Tennessee Department of Financial Institutions, has announced the new maximum effective formula rate of interest for the state. Effective from October 29, 2024, the rate is set at 12.00 percent per annum.
This rate is determined based on a ceiling of 4 percent above the weekly average prime loan rate, which currently stands at 8.00 percent as published by the Federal Reserve on October 28, 2024. This newly announced rate will remain in effect until any changes occur in the average prime loan rate as announced by the Federal Reserve Bank.
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This announcement is part of the requirements stated in Chapter 464, Public Acts of 1983. This legislation mandates that the Commissioner of Financial Institutions in Tennessee must publicly announce the formula rate of interest on a weekly basis.
For further information, contact Alica Owen, the Public Information Officer for the Tennessee Department of Financial Institutions, at (615) 289-4738.
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Tennessee Sets Supervision Fees for Financial Institutions
The Tennessee Department of Financial Institutions has announced the annual supervision fees for non-depository financial institutions for the fiscal year 2024-2025, effective November 1, 2024. The fees are $1,550 for money transmission licensees, $1,150 for flexible credit and mortgage licensees, and $750 for several other categories, with mortgage loan originators having separate fees. These fees support the department’s regulatory oversight while allowing financial institutions to contribute to economic progress.