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What is the maximum legal interest rate on a personal loan in the state of Tennessee?
Wiki User
∙ 11y ago
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 February, 2013 is 7.05 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 3.05 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.
Wiki User
∙ 11y ago
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GuessI don't think there is a maximum because i know a guy whose paid 28% interest. Each state has a maximum legal interest rate on loans, also known as a usury limit. You can google it and you will find websites that give you a list of states and will further explain it to you. Hope this helps!
What has the author Lewis L Laska written?
Lewis L. Laska has written: 'The Tennessee state Constitution' -- subject(s): Constitutional law, Constitutions 'Guidebook for state of Tennessee employees' job-related injuries' -- subject(s): Law and legislation, Tennessee, Tennessee. Board of Claims, Workers' compensation 'Tennessee personal injury verdicts and settlements (1972-1982)' -- subject(s): Digests, Personal injuries 'Tennessee legal research handbook' -- subject(s): Legal research 'Claims against the state of Tennessee' -- subject(s): Government liability, Tennessee, Tennessee. Board of Claims
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