State of Tennessee
11/03/2026 | Press release | Distributed by Public on 11/03/2026 12:03
COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE NOVEMBER 3, 2026
NASHVILLE--Commissioner of Financial Institutions Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.00 percent per annum.
The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.00 percent as published by the Federal Reserve on November 2, 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.
Craig Raymer
Public Information Officer
Tennessee Department of Financial Institutions
(615) 706-0671
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