N.Y.
Economic Development Law Section 225
Export finance service
1.
Definitions. As used in this section, the following terms shall have the following meanings, unless a different meaning appears from the context:(a)
“Export finance” shall mean pre-order financing to support market development activities prior to an export sale, working capital to support the acquisition of inventory and other expenditures to finance the production of goods for export, accounts receivable financing to cover the costs between shipping goods and receiving payment from an export sale, customer financing to provide medium and long term financing to foreign buyers, and export insurance to insure sellers and buyers for risks associated with export transactions.(b)
“Public and private organizations” shall mean commercial banks, insurance companies, the small business administration, the export-import bank of the United States, the New York job development authority, the port authority of New York and New Jersey, the New York business development corporation, other international, federal, state, regional and local economic development organizations and other organizations identified by the commissioner as potential providers of export finance.2.
Establishment. The commissioner is hereby authorized to establish an export finance service within the department for the purposes specified in this section.3.
Purposes. The purposes of the export finance service shall be:(a)
to promote and increase the provision of export finance in New York by public and private organizations;(b)
to assist New York exporters and potential exporters in obtaining export finance from public and private organizations;(c)
to develop a directory of export finance programs in the state available from public and private organizations;(d)
to provide intermediary services to match New York exporters and potential exporters with export finance available from public and private organizations;(e)
to encourage public and private organizations to provide export finance to New York exporters and potential exporters; and(f)
to identify sources of expertise in the public and private sectors to assist New York exporters or potential exporters in obtaining export finance, and provide such exporters or potential exporters with a list of such sources of expertise.4.
Reporting. On or before October first, nineteen hundred ninety-one and on or before October first of each year thereafter, the commissioner shall report to the governor and the legislature on the operation and accomplishments of the export finance service.5.
Evaluation. The commissioner shall submit to the director of the division of the budget, the chairman of the senate finance committee and the chairman of the assembly ways and means committee an evaluation of the export finance service prepared by an entity independent of the department. Such an evaluation shall be submitted on or before September first, nineteen hundred ninety-two and on or before September first every two years thereafter.6.
Rules and regulations. The commissioner shall promulgate rules and regulations to accomplish the purposes of this section. * NB Section effective insofar as it pertains to the Port Authority of New York and New Jersey upon passage of same as legislation by New Jersey
Source:
Section 225 — Export finance service, https://www.nysenate.gov/legislation/laws/COM/225 (updated Sep. 22, 2014; accessed Apr. 13, 2024).
