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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JANUARY 31, 2023

    Tuesday, January 31, 2023 | 08:03am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on January 30, 2023.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JANUARY 24, 2023

    Tuesday, January 24, 2023 | 03:00pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on January 23, 2023.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JANUARY 18, 2023

    Wednesday, January 18, 2023 | 01:13pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on January 17, 2023.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JANUARY 10, 2023

    Tuesday, January 10, 2023 | 08:34am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on January 9, 2023.

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  • COMMISSIONER GONZALES ANNOUNCES MAXIMUM EFFECTIVE RATE of INTEREST

    Wednesday, January 04, 2023 | 09:31pm

    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 February 2023 is 7.95 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 3.95 percent.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 28, 2022

    Wednesday, December 28, 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 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on December 27, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 20, 2022

    Tuesday, December 20, 2022 | 08:27am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.20 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.00 percent as published by the Federal Reserve on December 19, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 13, 2022

    Tuesday, December 13, 2022 | 10:48am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.00 percent as published by the Federal Reserve on December 12, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES MAXIMUM EFFECTIVE RATE of INTEREST

    Tuesday, December 06, 2022 | 11:50am

    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 January, 2023 is 7.71 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 3.71 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 NOVEMBER 29, 2022

    Tuesday, November 29, 2022 | 08:54am

    Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.00 percent as published by the Federal Reserve on November 28, 2022.

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

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 22, 2022

    Wednesday, November 23, 2022 | 06:30pm

    Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.00 percent as published by the Federal Reserve on November 21, 2022.

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

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 15, 2022

    Tuesday, November 15, 2022 | 04:16pm

    Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.00 percent as published by the Federal Reserve on November 14, 2022.

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

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  • COMMISSIONER GONZALES ANNOUNCES MAXIMUM EFFECTIVE RATE of INTEREST

    Tuesday, November 08, 2022 | 09:43am

    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 December, 2022 is 8.19 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 4.19percent. 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 NOVEMBER 8, 2022

    Tuesday, November 08, 2022 | 09:30am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 10.55 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.55 percent as published by the Federal Reserve on November 7, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 1, 2022

    Tuesday, November 01, 2022 | 08:01am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 10.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.25 percent as published by the Federal Reserve on October 31, 2022.

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

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