Nashville—The Tennessee Department of Financial Institutions, under the guidance of Commissioner Greg Gonzales, has announced that the maximum effective formula rate of interest in the state 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 21, 2024.
Commissioner Gonzales stated that this rate will remain effective until any changes are announced by the Federal Reserve Bank concerning the average prime loan rate. This announcement aligns with Chapter 464, Public Acts of 1983, which mandates the commissioner to provide weekly updates on the formula rate of interest.
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For further information, inquiries can be directed to Alica Owen, the Public Information Officer at the Tennessee Department of Financial Institutions, reachable at (615) 289-4738.
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