Commissioner Greg Gonzales of the Tennessee Department of Financial Institutions has announced the weekly maximum effective formula rate of interest in Tennessee, setting it at 10.75 percent per annum as of March 10, 2026. This rate is derived from a ceiling of 4 percent above the weekly average prime loan rate of 6.75 percent, as published by the Federal Reserve on March 9, 2026. The announcement is a statutory requirement under Chapter 464, Public Acts of 1983, which mandates the commissioner to announce this rate weekly.

This announcement serves as a notification of the current maximum allowable interest rate for lenders in Tennessee. While this is a routine announcement, financial institutions and advisors operating in Tennessee should ensure their lending practices adhere to this stated maximum rate. The rate remains in effect until the Federal Reserve's average prime loan rate changes, at which point a new announcement will be made.