(a) Upon the publication by the board of governors of the Federal Reserve System of the average prime loan rate, as described in § 47-14-102, the commissioner of financial institutions shall:
Terms Used In Tennessee Code 47-14-105
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
(1) Promptly make an official announcement of the formula rate;(2) Cause the dissemination of such announcement to the news media in such manner as the commissioner deems appropriate; and(3) Cause to be published in the Tennessee Administrative Register the formula rate as determined by the average prime loan rate first published during each calendar month.(b) In contracting for interest pursuant to § 47-14-103(2), any person shall be entitled to rely upon the formula rate thus announced or published by the commissioner; provided, that a formula rate shall not be deemed to have been published until seven (7) days have elapsed following the publication date stated in the issue of the Tennessee Administrative Register containing the announcement of such formula rate.(c) The determination by the commissioner as provided for herein, for the sole purpose of an announcement under this section, shall not be deemed a “rule” within the meaning of § 4-5-102, and such action of the commissioner shall be exempt from the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
