Tennessee § 47-15-102 - Maximum rates.
Full text of Tennessee Tennessee Code Annotated § 47-15-102 — Maximum rates., with citation guidance and answers to common questions.
§ 47-15-102. Maximum rates.
The maximum effective rate of interest per annum for home loans is hereby set at an amount equal to two (2) percentage points above the most recent weighted average yield of the accepted offers of the Federal National Mortgage Association's current free market system auction for commitments to purchase conventional home mortgages (FNMA Auction) as determined pursuant to § 47-15-103. In the event the Federal National Mortgage Association discontinues the conduct of the auction, the maximum effective rate of interest per annum for home loans shall be set at an amount equal to four (4) percentage points above the index of market yields of long term government bonds adjusted to a thirty (30) year maturity by the department of the treasury. The maximum effective rate of interest per annum for home loans shall not, in any event, exceed eighteen percent (18%) per annum. Acts 1979, ch. 208, § 2; T.C.A., § 47-14-202 ; Acts 1987, ch. 291, § 1. Compiler's Notes. Former §§ 47-15-101 — 47-15-116 , concerning miscellaneous provisions, were transferred to §§ 47-50-101 — 47-50-112 in 1984. Textbooks. Tennessee Jurisprudence, 3 Tenn. Juris., Assignments, §§ 7-11, 42, 51, 53; 5 Tenn. Juris., Bonds, § 10; 5 Tenn. Juris., Bridges, § 6.
Frequently Asked Questions About Tennessee § 47-15-102
What does Tennessee Code Annotated § 47-15-102 cover?
Section 47-15-102 ("Maximum rates.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 47-15-102?
A common citation format is "Tennessee Code Annotated § 47-15-102" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 47-15-102 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.