It is the purpose of NRS 349.700 to 349.870, inclusive, in the interest of promoting the general welfare of the people of the State, to further prosperity and employment throughout the State by encouraging the production of goods for export, the expansion of exports of goods and the rendering of services abroad by residents of […]
As used in NRS 349.700 to 349.870, inclusive, unless the context otherwise requires, the words and terms defined in NRS 349.715 to 349.745, inclusive, have the meanings ascribed to them in those sections. (Added to NRS by 1985, 2014)
“Bonds” means bonds, notes or other securities evidencing an obligation and issued under NRS 349.700 to 349.870, inclusive. (Added to NRS by 1985, 2014)
“Director” means the Director of the Department of Business and Industry. (Added to NRS by 1985, 2014; A 1993, 1570)
“Exporter” means any person, the State and its political subdivisions or any agency of either, a legal representative of a trust or an estate, or their agents or assigns which is eligible for guaranteed funding. (Added to NRS by 1985, 2014)
“Guaranteed funding” means a loan made to a participating financial institution which includes an agreement to excuse its repayment, under specified conditions, made for the purpose of financing an eligible transaction. A guarantee may cover a pool of eligible transactions. (Added to NRS by 1985, 2014)
“Loss” means a loss incurred by an exporter on an eligible transaction because of: 1. The insolvency of the foreign customer or other failure of the customer to pay to the exporter when due, all or part of the money due from the transaction as denominated in United States currency; or 2. War, revolution, the […]
“Participating financial institution” means: 1. Any office or subsidiary of a foreign banking corporation licensed or approved by the Commissioner of Financial Institutions; or 2. Any bank, trust company, savings and loan association, savings bank, credit union, thrift company or other financial institution organized under the laws of this state or organized under the laws […]
“Program” means the providing of guaranteed funding pursuant to NRS 349.700 to 349.870, inclusive. (Added to NRS by 1985, 2014)
1. The Director shall administer the provisions of NRS 349.700 to 349.870, inclusive. The Director may: (a) Employ or contract for the services of attorneys, accountants, financial experts, and other advisers, employees, consultants and agents as the Director determines to be necessary. (b) Enter into any agreement or other transaction with, or accept any grant […]
The Director may delegate the performance of any of the duties required under this program to any person within the Department of Business and Industry whom the Director designates. (Added to NRS by 1985, 2015; A 1993, 1570)
An exporting contract is a transaction eligible for guaranteed funding if, in the judgment of the Director, it will create or maintain employment in Nevada and it: 1. Promotes the sale abroad of goods whose final stage of production occurs in Nevada and which constitutes at least 10 percent of the contract price; 2. Provides […]
1. The Director may provide guaranteed funding to a participating financial institution that is providing the financing for an eligible transaction, but the amount of this funding is limited to 90 percent of the principal of the loan made to the exporter. The exporter must insure or obtain a guarantee against nonpayment on the loan […]
Before any guaranteed funding is provided, the participating financial institution shall investigate the credit or sources of credit available to the exporter in order to determine the economic benefits to be derived from the guarantee, the prospects of repayment, and such other factors as are necessary to determine that the guaranteed funding is consistent with […]
Except as otherwise provided in NRS 239.0115, or unless the exporter consents to its disclosure, any information submitted to or compiled by the Director regarding the identity, background, finances, marketing plans, trade secrets or any other commercially sensitive affairs of the exporter is confidential. (Added to NRS by 1985, 2016; A 2007, 2090)
The Director shall by regulation establish fees to be charged a participating financial institution for providing guaranteed funding. The fees must be sufficient to cover the costs of administering the program and any premium the Director pays for insuring the program’s risk. (Added to NRS by 1985, 2016)
1. The Director shall agree that the participating financial institution is excused from the payment to the Director of the principal of or interest on the guaranteed funding to the extent of the exporter’s nonpayment resulting from a loss. 2. The institution shall, as a condition of its loan to the exporter, agree that if […]
If an exporter defaults on the participating financial institution’s loan because of a loss and that institution is excused from repaying the guaranteed funding, the Director is subrogated to the exporter’s rights against the foreign customer for payment and to the participating financial institution’s rights against the exporter to the extent of any payment received […]
Any guarantee entered into by the Director does not constitute a general obligation of the State of Nevada. A guarantee may not be terminated, cancelled or otherwise revoked except in accordance with its terms. Any guarantee held by a participating financial institution is presumed to be valid. (Added to NRS by 1985, 2017)
1. If the Director certifies to the Governor that there is a need to issue revenue bonds to carry out the program and that it is feasible to do so, the Governor may issue an executive order creating an Advisory Committee on Financing Exports, consisting of three members appointed by the Director. 2. The Director, […]
