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    Department of Safety and Homeland Security Reminds Tennesseans of Federal Identification Requirements Change One Year From Today

    Tuesday, May 07, 2024 | 05:20pm

    Beginning May 7, 2025, the REAL ID Act of 2005 will go into effect. Anyone 18 years of age and older must have a REAL ID credential to access certain federal facilities, board commercial flights, nuclear power plants, and military bases in the U.S. The Department of Safety and Homeland Security (TDOSHS) began issuing REAL IDs on July 1, 2019. Of the 5.8 million valid credentials in Tennessee, 1.6 million citizens have yet to decide about obtaining a REAL ID. Tennesseans are encouraged to make their decision ahead of the May 7, 2025, implementation date to avoid the potential influx of customers at Driver Services Centers.

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    COMMISSIONER GONZALES ANNOUNCES MAXIMUM EFFECTIVE RATE of INTEREST

    Tuesday, May 07, 2024 | 11:15am

    The Federal National Mortgage Association has discontinued its free market auction system for commitments to purchase conventional home mortgages. Therefore, the Commissioner of Financial Institutions hereby announces that the maximum effective rate of interest per annum for home loans as set by the General Assembly in 1987, Public Chapter 291, for the month of June, 2024 is 8.73 percent per annum. The rate as set by the said law is an amount equal to four percentage points above the index of market yields of long-term government bonds adjusted to a thirty (30) year maturity by the U. S. Department of the Treasury. For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 4.73 percent.

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    COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE MAY 7, 2024

    Tuesday, May 07, 2024 | 11:10am

    NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.50 percent as published by the Federal Reserve on May 6, 2024.

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