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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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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 2, 2020

    Tuesday, June 02, 2020 | 11:19am

    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 June 1, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 27, 2020

    Wednesday, May 27, 2020 | 09:44am

    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 May 26, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 19, 2020

    Tuesday, May 19, 2020 | 08:09am

    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 May 18, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 12, 2020

    Tuesday, May 12, 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 May 11, 2020.

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  • Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Tuesday, May 05, 2020 | 02:13pm

    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, 2020 is 5.25 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 1.25 percent.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE May 5, 2020

    Tuesday, May 05, 2020 | 12:53pm

    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 May 4, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 28, 2020

    Tuesday, April 28, 2020 | 08:09am

    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 April 27, 2020.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 21, 2020

    Tuesday, April 21, 2020 | 08:35am

    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 April 20, 2020.

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  • Governor Lee Establishes Economic Recovery Group to Reboot Tennessee Economy

    Thursday, April 16, 2020 | 04:18pm

    Today, Governor Bill Lee established the Economic Recovery Group, a joint effort between state departments, members of the legislature and leaders from the private sector to build guidance to safely reboot Tennessee’s economy. “COVID-19 has not only created a public health crisis, it has hurt thousands of businesses and hundreds of thousands of hardworking Tennesseans,” said Gov. Lee. “As we work to safely open Tennessee’s economy, this group will provide guidance to industries across the state on the best ways to get Tennesseans back to work.”

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 14, 2020

    Tuesday, April 14, 2020 | 08:39am

    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 April 13, 2020.

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  • Commissioner Gonzales Issues Statement on COVID-19 Pandemic

    Wednesday, April 08, 2020 | 08:48am

    The Tennessee Department of Financial Institutions (TDFI) recognizes the impacts the pandemic event is having throughout Tennessee including straining the operational resources of the banks and credit unions we supervise. It is critically important that depository institutions can continue to focus their efforts on operations, their employees, their customers and their local economies during this pandemic crisis. In order to support those efforts, we are postponing examination activities through April 30, 2020 to avoid further strain on resources or distraction of institution personnel. For those banks or credit unions already contacted about an upcoming examination, we are suspending any examination-related requests unless you notify us that you do not desire a delay in the examination. If a bank or credit union requests that an examination continues during this time, we will certainly accommodate that request and complete the examination entirely offsite.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE APRIL 7, 2020

    Tuesday, April 07, 2020 | 12:30pm

    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 April 6, 2020.

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  • Commissioner Gonzales Announces Maximum Effective Rate of Interest

    Tuesday, April 07, 2020 | 12:27pm

    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, 2020 is 5.28 percent per annum.

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  • Commissioner Gonzales Issues COVID-19 Guidance Regarding Premium Finance Agreements

    Monday, April 06, 2020 | 08:55am

    The Department of Commerce and Insurance and the Department of Financial Institutions (collectively, “Departments”) continue to recognize the impact and the consequences of the efforts of individuals and the business community to limit the spread of COVID-19. The Departments further recognize that premium finance companies licensed under the Premium Finance Company Act, Tenn. Code Ann. §§ 56-37-101, et seq. provide an important lending function to individuals and businesses with respect to financing the payment of insurance premiums pursuant to premium finance agreements. Further, the Departments understand that disruptions to normal operations resulting from COVID-19 may result in insureds being unable to meet payment obligations under these agreements.

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