Commissioner Gonzales Announces Weekly Formula Rates for weeks of December 23, 2014; December 30, 2014; January 6, 2015; January 20, 2015 and January 27, 2015

Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee for the weeks of December 23, 2014; December 30, 2014; January 6, 2015; January 20, 2015 and January 27, 205 was 7.25 percent per annum. 

The rate is based on a ceiling of 4.00 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on December 22, 2014; December 29, 2014; January 5, 2015, January 20, 2015 and January 26, 2015.

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.

Ryan Hughes
Public Information Officer
Tennessee Department of Financial Institutions
615-741-1805
Ryan.hughes@tn.gov