(a) Notwithstanding any other provision of law, a savings and loan association domiciled
in North Carolina may charge interest or collect fees with respect to any loan to
the same extent as if the provisions of section 501 of Public Laws 96-221, as interpreted by the Federal Home Loan Bank Board prior to the effective date of
this section, were still in effect in North Carolina.
(b) Notwithstanding any other provision of law, any savings and loan association in
North Carolina may contract for interest on any loan, purchase money loan, advance,
commitment for a loan or forbearance at any rate permitted by federal law to a savings
and loan association the accounts of which are insured by the Federal Savings and
Loan Insurance Corporation.
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