NASHVILLE—The Tennessee Department of Financial Institutions, under the leadership of Commissioner Greg Gonzales, has announced the new maximum effective formula rate of interest, which is set at 11.50 percent per annum. This rate is determined by adding a ceiling of 4 percent to the weekly average prime loan rate of 7.50 percent, as reported by the Federal Reserve on January 27, 2025.
Commissioner Gonzales noted that this rate will remain effective until there is a change in the average prime loan rate, as announced by the Federal Reserve Bank. This announcement is in accordance with Chapter 464 of the Public Acts of 1983, which mandates that the Commissioner of Financial Institutions in Tennessee provide a weekly update on the formula rate of interest.
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For further information, Alica Owen, the Public Information Officer at the Tennessee Department of Financial Institutions, can be contacted at (615) 289-4738.
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