• COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 7, 2022

    Wednesday, September 07, 2022 | 08:14am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.50 percent as published by the Federal Reserve on September 6, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 30, 2022

    Tuesday, August 30, 2022 | 08:02am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.50 percent as published by the Federal Reserve on August 29, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 23, 2022

    Tuesday, August 23, 2022 | 09:34am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.50 percent as published by the Federal Reserve on August 22, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 16, 2022

    Tuesday, August 16, 2022 | 09:09am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.50 percent as published by the Federal Reserve on August 15, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 9, 2022

    Tuesday, August 09, 2022 | 11:27am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.50 percent as published by the Federal Reserve on August 8, 2022.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Tuesday, August 02, 2022 | 03:10pm

    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, 2022 is 7.02 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 3.02 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 AUGUST 2, 2022

    Tuesday, August 02, 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 9.05 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.05 percent as published by the Federal Reserve on August 2, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 26, 2022

    Tuesday, July 26, 2022 | 08:12am

    Nashville, TN------Commissioner of Financial Institutions Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on July 25, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 12, 2022

    Tuesday, July 19, 2022 | 04:43pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on July 12, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 12, 2022

    Tuesday, July 12, 2022 | 07:39am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on July 11, 2022.

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  • Announcement of Maximum Effective Rate of Interest on Home Loans

    Wednesday, July 06, 2022 | 03:31pm

    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 August, 2022 is 7.19 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 3.19 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 JULY 6, 2022

    Wednesday, July 06, 2022 | 03:09pm

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on July 5, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 28, 2022

    Tuesday, June 28, 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 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on June 27, 2022.

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  • COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JUNE 22, 2022

    Wednesday, June 22, 2022 | 08:16am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.45 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.45 percent as published by the Federal Reserve on June 21, 2022.

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