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Commissioner Gonzales Announces Weekly Formula Rate February 9, 2016

Tuesday, February 09, 2016 | 10:45am

NASHVILLE -- Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.50 percent per annum.

The rate is based on a ceiling of 4.00 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on February 8, 2016.

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