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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 30, 2021

    Tuesday, November 30, 2021 | 09:52am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on November 29, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 23, 2021

    Monday, November 29, 2021 | 03:54pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on November 22, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 16, 2021

    Tuesday, November 16, 2021 | 08:10am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on November 15, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 9, 2021

    Tuesday, November 09, 2021 | 10:38am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on November 8, 2021.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, November 02, 2021 | 01:54pm

    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, 2021 is 6.00 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 2.00 percent.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 2, 2021

    Tuesday, November 02, 2021 | 01:48pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on November 1, 2021. 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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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE OCTOBER 26, 2021

    Tuesday, October 26, 2021 | 08:25am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on October 25, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE OCTOBER 13, 2021

    Wednesday, October 13, 2021 | 08:19am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on October 12, 2021.

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  • Commissioner Gonzales Announces Non-Depository Financial Institution Annual Supervision Fee for Fiscal Year 2021-2022

    Monday, October 11, 2021 | 09:49am

    . Pursuant to Tenn. Code Ann. § 45-1-118(i), Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today the annual supervision fee for non-depository financial institutions in fiscal year 2021-2022, effective November 1, 2021. The fee is $1,000.00 for flexible credit licensees and mortgage licensees, and $600.00 for check cashing licensees, deferred presentment licensees, premium finance licensees, industrial loan and thrift registrants, and title pledge licensees. Money transmission licensees will continue to pay licensing and examination fees as required by statute. Mortgage loan originators will continue to pay a licensing and renewal fee of $100.00 and a sponsorship fee of $100.00.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, October 05, 2021 | 09:38am

    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 November, 2021 is 6.05 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 2.05 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 OCTOBER 5, 2021

    Tuesday, October 05, 2021 | 09:31am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on October 4, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 28, 2021

    Tuesday, September 28, 2021 | 08:02am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on September 27, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 21, 2021

    Tuesday, September 21, 2021 | 08:08am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on September 20, 2021.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 14, 2021

    Tuesday, September 14, 2021 | 08:46am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on September 13, 2021.

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  • Commissioner Gonzales Announces 2021 Bank Holiday Schedule

    Monday, September 13, 2021 | 12:33pm

    Bank Holiday Schedule In response to anticipated questions, this will serve as confirmation that Tennessee state-chartered banks may be closed on the following dates, in addition to federally designated holidays, provided that adequate notice is given to customers prior to the closing: • Friday, November 26, 2021 (in addition to Thursday, November 25, 2021) • Friday, December 24, 2021 and Monday, December 27, 2021 (in addition to Saturday, December 25, 2021)

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