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Gonzales announces weekly formula rate

Tennessee Department of Financial Institutions Acting Commissioner Greg Gonzales recently announced that the maximum effective formula rate of interest in Tennessee is 12.25 percent per annum... Tennessee Department of Financial Institutions Acting Commissioner Greg Gonzales recently announced that the maximum effective formula rate of interest in Tennessee is 12.25 percent per annum.

The rate is based on a ceiling of four percent over the weekly average prime loan rate of eight percent as published by the Federal Reserve on July 17, 2006.

Gonzales said the rate remains in effect until the average prime loan rate, as announced by the Federal Reserve Bank, changes. Chapter 464, Public Acts of 1983, the legislation regulating interest rates in Tennessee, requires that the Commissioner of Financial Institutions make an announcement weekly of the formula rate of interest.

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