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Tennessee Department of Financial Institutions · TN

COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 9, 2026

September 9, 2026

Summary

Tennessee's maximum formula rate of interest is 10.75% per annum, effective September 9, 2026. This rate applies to all residential mortgage loans until the Federal Reserve prime rate changes. Lenders must ensure loan rates do not exceed this state usury ceiling.

AI-generated summary · Sep 15, 2026. Verify with your compliance counsel before acting.

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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 September 8, 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

Source: https://www.tn.gov/tdfi/news/2026/9/9/commissioner-gonzales-announces-weekly-formula-rate-september-9--2026.html

Common questions

What does "COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 9, 2026" cover?
Tennessee's maximum formula rate of interest is 10.75% per annum, effective September 9, 2026. This rate applies to all residential mortgage loans until…
Which agency issued this update?
This update was issued by Tennessee Department of Financial Institutions.
When was it published?
It was published on September 9, 2026.

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COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 9, 2026 — Reglith