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TN HB0908

Bill

Official Source

Status

Passed

4/28/2025

Primary Sponsor

Johnny Garrett

Click for details

Origin

House of Representatives

114th General Assembly

AI Summary

  • Maximum interest rate for home loans set at 4 percentage points above the average prime offer rate for 30-year fixed loans as published by the Federal Financial Institutions Examination Council
  • Absolute cap of 18% per annum established as the maximum effective interest rate for home loans regardless of the prime offer rate calculation
  • Amends Tennessee Code Annotated Section 47-15-102 by replacing the existing provision entirely
  • Effective date of July 1, 2025

Legislative Description

AN ACT to amend Tennessee Code Annotated, Title 45 and Title 47, relative to interest on home loans.

Interest Rates

Last Action

Effective date(s) 07/01/2025

4/28/2025

Committee Referrals

Calendar and Rules2/26/2025
Commerce2/19/2025
Banking & Consumer Affairs Subcommittee2/12/2025
Commerce2/6/2025

Full Bill Text

No bill text available