Tennessee Announces Weekly Interest Rate Update

Tennessee sets interest rate at 11.75% effective December 17, 2024.

The Tennessee Department of Financial Institutions has announced the maximum effective formula rate of interest for the state. Commissioner Greg Gonzales revealed that the rate is set at 11.75 percent per annum. This rate is determined by a ceiling of 4 percent above the weekly average prime loan rate, which was recorded at 7.75 percent by the Federal Reserve on December 16, 2024.

The interest rate will remain unchanged until there is a revision in the average prime loan rate as announced by the Federal Reserve Bank. This announcement is part of the requirements stipulated by Chapter 464, Public Acts of 1983, which mandates that the Commissioner of Financial Institutions provide a weekly update on the formula rate of interest in Tennessee.

For further information, interested parties can contact Alica Owen, the Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.

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