Rate remains in effect until prime loan rate changes

Nashville – Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12% per annum.

The rate is based on a ceiling of 4% over the weekly average prime loan rate of 8% as published by the Federal Reserve on April 17, 2023. The rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes.

This site uses Akismet to reduce spam. Learn how your comment data is processed.