The Tennessee Department of Financial Institutions has announced the maximum effective formula rate of interest for the state. Commissioner Greg Gonzales confirmed that the rate is set at 12.00 percent per annum. This rate is derived from 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 15, 2024.
Commissioner Gonzales stated that this interest rate will remain effective until there is a change in the average prime loan rate as announced by the Federal Reserve Bank. The regulation of interest rates in Tennessee is governed by Chapter 464 of the Public Acts of 1983, which mandates the weekly announcement of the formula rate of interest by the commissioner of Financial Institutions.
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For further information, Alica Owen, Public Information Officer for the Tennessee Department of Financial Institutions, can be contacted at (615) 289-4738.
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Tennessee’s September Revenue Surpasses Estimates
Tennessee’s September tax revenues exceeded expectations, totaling $2.2 billion, which is $101.2 million above budget estimates. This marks a 0.87 percent growth rate compared to last year. Sales and corporate tax receipts drove this increase, with the general fund revenues alone surpassing estimates by $95.3 million. Year-to-date, tax revenues have risen by 2.81 percent above estimates, reflecting strong consumer activity and tax adjustments from recent legislation. Detailed tax performance for September shows sales taxes up by 3.70 percent and corporate taxes by 7.35 percent, although corporate tax revenue has decreased compared to the previous year.