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.
