Interest

  1. Law
  2. Tennessee Code
  3. Banks and Financial Institutions
  4. Credit Unions
  5. Loans
  6. Interest

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  1. A credit union may lend to its members at a maximum effective rate of interest, which shall not be in excess of the greater of:
    1. The applicable formula rate; or
    2. The rate of interest permitted to be charged by credit unions chartered by the federal government.
  2. For installment loans, the maximum effective rate of interest shall:
    1. Be determined in accordance with the actuarial method;
    2. Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and
    3. Not be affected by the prepayment of the loan, in whole or in part.


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