Tennessee Interest Rate Formula Set at 10.75%
Summary
Commissioner of Financial Institutions Greg Gonzales announced the maximum effective formula rate of interest in Tennessee at 10.75 percent per annum, based on a ceiling of 4 percent over the weekly average prime loan rate of 6.75 percent as published by the Federal Reserve on April 20, 2026. The rate remains in effect until the Federal Reserve announces a change to the average prime loan rate.
About this source
GovPing monitors TN TDFI News for new banking & finance regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 11 changes logged to date.
What changed
The Tennessee Department of Financial Institutions published its weekly formula rate announcement setting the maximum effective interest rate at 10.75% per annum. The rate is calculated as the Federal Reserve's average prime loan rate (6.75%) plus 4 percentage points, per Chapter 464, Public Acts of 1983.
Tennessee-licensed lenders and creditors extending variable-rate credit products tied to the formula rate ceiling should note the current rate for compliance purposes. The rate remains in effect until the Federal Reserve publishes a new average prime loan rate, at which point the commissioner will announce an updated formula rate.
Archived snapshot
Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 21, 2026
Tuesday, April 21, 2026 | 09:25am NASHVILLE--Commissioner of Financial Institutions Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum.
The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.75 percent as published by the Federal Reserve on April 20, 2026.
Commissioner 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.
Alica Owen
Public Information Officer
Tennessee Department of Financial Institutions
(615) 289-4738
Related changes
Get daily alerts for TN TDFI News
Daily digest delivered to your inbox.
Free. Unsubscribe anytime.
About this page
Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission
Source document text, dates, docket IDs, and authority are extracted directly from TN TDFI.
The summary, classification, recommended actions, deadlines, and penalty information are AI-generated from the original text and may contain errors. Always verify against the source document.
Classification
Who this affects
Taxonomy
Browse Categories
Get alerts for this source
We'll email you when TN TDFI News publishes new changes.
Subscribed!
Optional. Filters your digest to exactly the updates that matter to you.