N.Y. Economic Development Law § 225: Export finance service

* § 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