Tennessee passed a bill increasing the permissible interest rate for closed-end loans under the Industrial Loan and Thrift Companies Act (ILTCA). Under the bill, the maximum permissible interest rate for closed-end loans under the ILTCA is 36% per year for loans of $100 or more. Previously, the maximum permissible interest rate for closed-end loans was 30% per year for loans of $5,000 or less, and 24% per year for loans in excess of $5,000. The bill becomes effective July 1, 2025.
Click to view the Tennessee Senate Bill 694: https://www.tenaco.com/wp-content/uploads/2025/04/TN-SB-694.pdf
