The Tennessee Department of Financial Institutions has announced that the maximum effective formula rate of interest will be 11.25 percent per annum, effective today. Commissioner Greg Gonzales made the announcement through an official notice on the Tennessee Department of Financial Institutions’ website.
The rate is based on a 4 percent increase over the current weekly average prime loan rate of 7.25 percent, as reported by the Federal Reserve on October 20. This rate will remain in effect until the Federal Reserve adjusts the average prime loan rate.
Under Chapter 464 of the Public Acts of 1983, the Commissioner of Financial Institutions is required to announce the formula rate each week. Additional details about the current rate can be found on the Tennesse Department of Financial Institutions' website.
For inquiries, the department’s Public Information Officer, Alica Owen, can be reached at (615) 289-4738, as stated in the official release.
