§ 225 — Export finance service

New York § 225

• Jurisdiction: New York
• Law COM: Economic Development Law
• Art. 10: International Trade

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* § 225. Export finance service. 1. Definitions. As used in this\nsection, the following terms shall have the following meanings, unless a\ndifferent meaning appears from the context:\n (a) "Export finance" shall mean pre-order financing to support market\ndevelopment activities prior to an export sale, working capital to\nsupport the acquisition of inventory and other expenditures to finance\nthe production of goods for export, accounts receivable financing to\ncover the costs between shipping goods and receiving payment from an\nexport sale, customer financing to provide medium and long term\nfinancing to foreign buyers, and export insurance to insure sellers and\nbuyers for risks associated with export transactions.\n (b) "Public and private organizations" shall mean commercial banks,\ninsurance companies, the small business administration, the\nexport-import bank of the United States, the New York job development\nauthority, the port authority of New York and New Jersey, the New York\nbusiness development corporation, other international, federal, state,\nregional and local economic development organizations and other\norganizations identified by the commissioner as potential providers of\nexport finance.\n 2. Establishment. The commissioner is hereby authorized to establish\nan export finance service within the department for the purposes\nspecified in this section.\n 3. Purposes. The purposes of the export finance service shall be:\n (a) to promote and increase the provision of export finance in New\nYork by public and private organizations;\n (b) to assist New York exporters and potential exporters in obtaining\nexport finance from public and private organizations;\n (c) to develop a directory of export finance programs in the state\navailable from public and private organizations;\n (d) to provide intermediary services to match New York exporters and\npotential exporters with export finance available from public and\nprivate organizations;\n (e) to encourage public and private organizations to provide export\nfinance to New York exporters and potential exporters; and\n (f) to identify sources of expertise in the public and private sectors\nto assist New York exporters or potential exporters in obtaining export\nfinance, and provide such exporters or potential exporters with a list\nof such sources of expertise.\n 4. Reporting. On or before October first, nineteen hundred ninety-one\nand on or before October first of each year thereafter, the commissioner\nshall report to the governor and the legislature on the operation and\naccomplishments of the export finance service.\n 5. Evaluation. The commissioner shall submit to the director of the\ndivision of the budget, the chairman of the senate finance committee and\nthe chairman of the assembly ways and means committee an evaluation of\nthe export finance service prepared by an entity independent of the\ndepartment. Such an evaluation shall be submitted on or before\nSeptember first, nineteen hundred ninety-two and on or before September\nfirst every two years thereafter.\n 6. Rules and regulations. The commissioner shall promulgate rules and\nregulations to accomplish the purposes of this section.\n * NB Section effective insofar as it pertains to the Port Authority of\nNew York and New Jersey upon passage of same as legislation by New\nJersey\n