• COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 9, 2022

    Tuesday, August 09, 2022 | 11:27am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.50 percent as published by the Federal Reserve on August 8, 2022.

    news | Financial Institutions | Press Releases | tn | Formula Rates

    Read full story
  • Statement from Commissioner Baker on the Passage of the PACT Act

    Friday, August 05, 2022 | 12:00pm

    NASHVILLE – Recently, the Senate passed the Sergeant First Class Heath Robinson Honoring our Promise to Address Comprehensive Toxic Act of 2022, commonly referred to as the PACT Act, expanding the ability of the Department of Veterans Affairs (VA) to care for Veterans who have been exposed to toxins, including burn pits, during their military service. The bipartisan act empowers the VA to provide care and benefits to Veterans suffering from toxic exposure related conditions. “I commend the US Senators from Tennessee for acknowledging these important issues,” said Commissioner Tommy Baker “by voting to ensure that the benefits our Veterans earned during their selfless service are made available to them.” “The Tennessee Department of Veterans Services stands ready to serve Veterans across the state in ensuring they receive the care they deserve,” continued Baker. “Once this bill is signed into law, we will work alongside our partners at the VA to ensure the Volunteer State’s Veterans receive the care and benefits they have earned through their service.” This comprehensive legislation’s intent is to provide care and benefits to toxic-exposed Veterans of all generations. It not only expands care and benefits, but also codifies VA’s new process for evaluating and determining presumption of exposure and service connection for various chronic conditions. It improves research, VA staff education and treatment related to toxic exposures. It also includes other provisions such as an epidemiological study on Fort McClellan Veterans, a Federal cause of action for harm caused by exposure to the water at Camp Lejeune, and authorization to provide electronic notice for certain claim related actions. The PACT Act is being hailed as the largest expansion of care and benefits in VA history. TDVS is prepared to serve Tennessee Veterans and ensure they obtain the care and benefits they have earned. Veterans and their family members are encouraged to visit TN.gov/Veteran, or call (615) 741-2345 to learn how this bill might impact them. VA has also established a webpage – www.va.gov/pact -- to help answer questions. ###

    News | Veterans Services | Press Releases

    Read full story
  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, August 02, 2022 | 03:10pm

    The Federal National Mortgage Association has discontinued its free market auction system for commitments to purchase conventional home mortgages. Therefore, the Commissioner of Financial Institutions hereby announces that the maximum effective rate of interest per annum for home loans as set by the General Assembly in 1987, Public Chapter 291, for the month of September, 2022 is 7.02 percent per annum. The rate as set by the said law is an amount equal to four percentage points above the index of market yields of long-term government bonds adjusted to a thirty (30) year maturity by the U. S. Department of the Treasury. For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 3.02 percent. Persons affected by the maximum effective rate of interest for home loans as set forth in this notice should consult legal counsel as to the effect of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96-221 as amended by P.L. 96-399) and regulations pursuant to that Act promulgated by the Federal Home Loan Bank Board. State usury laws as they relate to certain loans made after March 31, 1980, may be preempted by this Act.

    news | Financial Institutions | Press Releases | tn

    Read full story
  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 2, 2022

    Tuesday, August 02, 2022 | 11:40am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.05 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.05 percent as published by the Federal Reserve on August 2, 2022.

    news | Financial Institutions | Press Releases | tn | Formula Rates

    Read full story
  • TDOT, UNIVERSITY OF MEMPHIS PARTNER TO SUPPORT RIVER COMMUNITIES

    Monday, August 01, 2022 | 08:12am

    The Tennessee Department of Transportation (TDOT) and the University of Memphis (UofM) have partnered to establish the “Tennessee Delta Alliance,” a new organization supporting the communities of Lake, Dyer, Lauderdale, Tipton, and Shelby Counties. The organization will be housed in the university’s Center for Regional Economic Enrichment and will comprise a Director and an Advisory Council of residents from the five counties.

    news | tn | Press Releases | Transportation

    Read full story