COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 4, 2026

Summary

Tennessee's Commissioner of Financial Institutions announced the maximum effective formula rate of interest is 10.75% per annum, based on the Federal Reserve's weekly average prime loan rate of 6.75% plus a 4% ceiling. This rate applies to loans in Tennessee and remains in effect until the prime rate changes.

AI-generated summary · Aug 29, 2026. Verify with your compliance counsel before acting.

How this was generated

We record the exact prompt, model, and output for every AI response so it can be audited for accuracy.

NASHVILLE--Commissioner of Financial Institutions Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 10.75 percent per annum.

The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 6.75 percent as published by the Federal Reserve on August 3, 2026.

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

Common questions

What does "COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 4, 2026" cover?

Tennessee's Commissioner of Financial Institutions announced the maximum effective formula rate of interest is 10.75% per annum, based on the Federal…

Which agency issued this update?

This update was issued by Tennessee Department of Financial Institutions.

When was it published?

It was published on August 4, 2026.

COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE AUGUST 4, 2026

Summary

Common questions

Related updates

Stop missing the rule that costs you a loan.