NASHVILLE—The Tennessee Department of Financial Institutions has announced the new maximum effective formula rate of interest. As of February 4, 2025, the rate is set at 11.50 percent per annum. This rate is determined by adding a 4 percent ceiling to the weekly average prime loan rate of 7.50 percent, as published by the Federal Reserve on February 3, 2025.
Commissioner Greg Gonzales stated that this rate will remain in effect until there is a change in the average prime loan rate announced by the Federal Reserve Bank. The regulation of interest rates in Tennessee is governed by Chapter 464, Public Acts of 1983, which mandates that the commissioner of Financial Institutions announce the formula rate of interest on a weekly basis.
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For further information, Alica Owen, the Public Information Officer for the Tennessee Department of Financial Institutions, can be contacted at (615) 289-4738.
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Tennessee Honors Insurance Professionals in February
Tennessee celebrates Insurance Careers Month by recognizing the state’s insurance professionals for their significant contributions to the economy and communities, especially in rural areas. With over 301,000 active licensed insurance producers, the state boasts the highest number in its history. In 2023, Tennessee’s insurance industry generated a total premium volume of $75 billion, ranking it 17th nationally. Remote and online testing options are available for those interested in pursuing a career in insurance.