Rate remains in effect until the average prime loan rate changes
Nashville –Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced that the maximum effective formula rate of interest in Tennessee is 12.50% per annum.
The rate is based on a ceiling of 4% over the weekly average prime loan rate of 8.50% as published by the Federal Reserve September 5, 2023. Commissioner Gonzales said the rate remains in effect until the average prime loan rate as announced by the Federal Reserve Bank changes.
