{"data":{"id":"us-tn/tenn.-code-ann.-45-4-602","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 45-4-602","heading":"Interest","body":"(a) 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. (b) 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. Acts 1923, ch. 68, § 17; Shan. Supp., § 2198a24; Code 1932, § 3851; Acts 1951, ch. 192, § 2; 1976, ch. 525, § 2; 1979, ch. 207, § 1; T.C.A. (orig. ed.), § 45-1820; Acts 1986, ch. 558, § 2.\n(a) 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.\n(1) The applicable formula rate; or\n(2) The rate of interest permitted to be charged by credit unions chartered by the federal government.\n(b) 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.\n(1) Be determined in accordance with the actuarial method;\n(2) Be calculated, in the case of a precomputed loan, on the assumption that all scheduled payments will be made as contracted; and\n(3) Not be affected by the prepayment of the loan, in whole or in part.","path":["TN Code","Title 45","Chapter 4"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"a6d600706954a950710a3bea1e5a2036b13ce6f2b31ba219ab14624620846025","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-45-4-601","next":"us-tn/tenn.-code-ann.-45-4-603"},"notice":"GroundRules: Original legal text. Not legal advice."}