349.765 - Guaranteed funding provided to participating financial institution: Limitation on amount; finding of Director of necessity for funding; term of and interest on loan to exporter.
349.765 Guaranteed funding provided to participating financial institution: Limitation on amount; finding of Director of necessity for funding; term of and interest on loan to exporter.
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 resulting from a loss. The maximum amount payable under any guarantee must be specifically set forth in a writing signed by the Director.
2. The Director shall not agree to provide guaranteed funding unless he or she finds that the guaranteed funding is reasonably necessary to stimulate or facilitate:
(a) The making of a loan for an eligible transaction; or
(b) The financing of an eligible transaction by a participating financial institution or other private source that is not otherwise able to finance it.
3. The money provided by the Director to the participating financial institution to guarantee the financing of an eligible transaction must be re-lent to the exporter by the participating financial institution for a term no shorter than and at a rate of interest no higher than that fixed by the Director, excluding any usual and customary fees and charges for lending and the fee provided for in subsection 3 of NRS 349.785.
4. The Director may condition the allowance of guaranteed funding upon such other terms and conditions as he or she determines to be desirable.
(Added to NRS by 1985, 2015)