• COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 14, 2022

    Tuesday, June 14, 2022 | 08:07am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.00 percent as published by the Federal Reserve on June 13, 2022.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, June 07, 2022 | 03:36pm

    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 July, 2022 is 7.09 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 3.09 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.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 7, 2022

    Tuesday, June 07, 2022 | 03:34pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.00 percent as published by the Federal Reserve on June 6, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 1, 2022

    Wednesday, June 01, 2022 | 08:15am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.00 percent as published by the Federal Reserve on May 31, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 24, 2022

    Tuesday, May 24, 2022 | 08:10am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.00 percent as published by the Federal Reserve on May 23, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 17, 2022

    Tuesday, May 17, 2022 | 08:18am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.00 percent as published by the Federal Reserve on May 16, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 10, 2022

    Tuesday, May 10, 2022 | 08:13am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.70 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.70 percent as published by the Federal Reserve on May 9, 2022.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, May 03, 2022 | 11:25am

    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 June, 2022 is 6.91 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 2.91 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.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 3, 2022

    Tuesday, May 03, 2022 | 11:18am

    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 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on May 2, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 26, 2022

    Tuesday, April 26, 2022 | 11:43am

    Nashville, TN------Commissioner of Financial Institutions 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 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on April 25, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 19, 2022

    Tuesday, April 19, 2022 | 08:57am

    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 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on April 18, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 13, 2022

    Wednesday, April 13, 2022 | 04:11pm

    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 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on April 11, 2022.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, April 05, 2022 | 04:12pm

    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 May, 2022 is 6.49 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 2.49percent. 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.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 5, 2022

    Tuesday, April 05, 2022 | 04:09pm

    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 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on April 4, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MARCH 29, 2022

    Tuesday, March 29, 2022 | 08:04am

    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 percent over the weekly average prime loan rate of 3.50 percent as published by the Federal Reserve on March 28, 2022. 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

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