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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 11, 2020

    Tuesday, August 11, 2020 | 08:24am

    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 August 10, 2020.

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  • Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Tuesday, August 04, 2020 | 04:01pm

    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, 2020 is 5.22 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 1.22 percent.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 4, 2020

    Tuesday, August 04, 2020 | 03:53pm

    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 August 3, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 28, 2020

    Tuesday, July 28, 2020 | 08:30am

    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 July 27, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 21, 2020

    Tuesday, July 21, 2020 | 08:34am

    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 July 20, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 14, 2020

    Tuesday, July 14, 2020 | 08:26am

    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 July 13, 2020.

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  • Mark Your Calendars For Two Sales Tax Holidays

    Thursday, July 09, 2020 | 12:42pm

    NASHVILLE ⎯ Mark your calendars. For 2020 only, the Tennessee General Assembly has approved two sales tax holiday weekends to help Tennesseans save money and support the economy amid the COVID-19 pandemic. The first tax-free holiday weekend focuses on clothing and other back-to-school items. It begins at 12:01 a.m. on Friday, July 31, and ends Sunday, August 2, at 11:59 p.m. During this time, consumers may purchase clothing, school supplies, and computers and other qualifying electronic devices without paying sales tax. Certain price restrictions apply. For school supplies and clothing, the threshold for qualifying items is $200 or less. For computers and other electronics, the price threshold is $3,000 or less. Download our list of tax-exempt items here. Exempt items sold online are also eligible. Consumers must purchase items for personal use, not business or trade. The second sales tax holiday weekend focuses on restaurant sales. It begins at 12:01 a.m. on August 7 and ends Sunday, August 9, at 11:59 p.m. During this time the retail sale of food and drink by restaurants and limited service restaurants, as defined in Tenn. Code Ann. § 57-4-102, is exempt from sales tax. "The COVID-19 pandemic has caused immense economic strain on Tennessee families. These sales tax holidays will allow them to keep more of their hard-earned money and support Tennessee businesses," said Tennessee Governor Bill Lee.

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  • Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Tuesday, July 07, 2020 | 03:12pm

    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 August, 2020 is 5.42 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 1.42 percent.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 7, 2020

    Tuesday, July 07, 2020 | 03:09pm

    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 July 6, 2020.

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  • Commissioner Gonzales Comments on Banking Oversight to Include 'Flexibility' During Pandemic

    Wednesday, June 24, 2020 | 10:07am

    Federal and state banking regulators released guidance on Tuesday outlining their approach to examination and supervision of the banking industry as the economy struggles to deal with fallout from the COVID-19 pandemic, highlighting a focus on "consistency and flexibility." The joint release said that given the "unique, evolving, and potential long-term nature" of the COVID-19 pandemic's impact on the financial services industry, banking supervisors will "exercise appropriate flexibility in their supervisory response." The document was released by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and state regulators.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 23, 2020

    Tuesday, June 23, 2020 | 10:16am

    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 June 22, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 16, 2020

    Tuesday, June 16, 2020 | 08:48am

    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 June 15, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 9, 2020

    Tuesday, June 09, 2020 | 08:28am

    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 June 8, 2020.

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  • Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Tuesday, June 02, 2020 | 11:29am

    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, 2020 is 5.44 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 1.44 percent.

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