NASHVILLE—The Tennessee Department of Financial Institutions, led by Commissioner Greg Gonzales, has announced that the maximum effective formula rate of interest in Tennessee is 12.00 percent per annum. This rate is derived from a ceiling of 4 percent above the weekly average prime loan rate of 8.00 percent, as published by the Federal Reserve on September 30, 2024.
Commissioner Gonzales noted that this rate will remain effective until the Federal Reserve Bank announces a change in the average prime loan rate. This announcement is in accordance with Chapter 464, Public Acts of 1983, which mandates the commissioner of Financial Institutions to provide a weekly update on the formula rate of interest.
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For further details, contact:
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
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