§ 225. Export finance service.
498 words·~2 min read·
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* § 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