(a)(1) The rate set in § 47-15-102 shall be determined by the commissioner of financial institutions on or before the twentieth day of each month and shall be in effect during the following calendar month.(2) The commissioner, upon making such determination, shall promptly make an official announcement of such rate and shall publish such announcement in such manner as the commissioner may deem appropriate, thereafter causing the same to be published in the Tennessee Administrative Register.(3) Such rate shall remain in effect until the next official announcement and publication.(b) The determination by the commissioner as provided herein 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.(c) In contracting for interest pursuant to § 47-15-102, any person shall be entitled to rely upon the formula rate thus announced or published by the commissioner.Acts 1979, ch. 208, § 3; T.C.A., § 47-14-203; Acts 1987, ch. 291, § 2.
Tennessee Legal Code