Rate based on ceiling of 4% over the weekly average prime loan rate
Nashville – Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced the maximum effective formula rate of interest in Tennessee is 12.5% per annum.
The rate is based on a ceiling of 4% over the weekly average prime loan rate of 8.5% as published by the Federal Reserve on October 10, 2023. Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes.
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