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announcement of Maximum effective formula rate of interes

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  • September 8, 2022 at 11:51 am EDT #37770
    vellis
    Participant

    I just saw that Greg Gonzales announced that the maximum effective formula rate of interest in Tennessee is 9.50 percent per annum.
    I’m very much involve in all of the consumer loans and also any consumer R/E including TRID loans.
    Please help me understand this. I’m totaling confused at this time. I appreciate an email or a phone call.
    If you call me my phone number is 423-567-7209 and my cell is 423-322-7710
    I appreciate a response as soon as you can.

    Thank you very much

    Virginia

    September 9, 2022 at 3:05 pm EDT #37783
    jholzknecht
    Keymaster

    This is a routine weekly announcement made by the Department of Financial Institutions. Tennessee, and most other states, allow financial institutions choose the most favorable rate structure allowed under state law. Your institution is allowed to charge a rate much higher than the 9.5%.

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