SEC. 104. STATE LIMITATIONS ON INTEREST RATES. Section 7(a)(4) of the Small Business Act (15 U.S.C. 636(a)(4)) is amended by striking “The rate of interest on financings made on a deferred basis shall be legal and reasonable but” and inserting the following: “Notwithstanding the provisions of the constitution of any State or the laws of any State limiting the rate or amount of interest which may be charged, taken, received, or reserved, the maximum legal rate of interest on any financing made on a deferred basis pursuant to this subsection”.