Interest Rates - As enacted, increases, from 30 to 36 percent per annum, the maximum permitted effective rate of interest that may be contracted for by an industrial loan and thrift company on an unpaid balance where the amount financed is $100 or more; makes other related changes. - Amends TCA Title 45, Chapter 5.

SB 694 raises the maximum interest rate for industrial loan and thrift companies in Tennessee from 30% to 36% per year on loans of $100 or more. The bill directly affects these financial institutions and their borrowers by increasing the legal limit on interest charges for qualifying loans. Key provisions include amending multiple sections of Tennessee law to update the rate cap and removing outdated rate limits (like the 10% to 12.5% change in Section 5). The changes apply to new or renewed contracts on or after July 1, 2025.