§ 74-5008.1. Guaranteed export loans - Export insurance program.

A.  The Oklahoma Department of Commerce may provide an export insurance program for any eligible export by administration of an insurance policy in which eligible exporters may, by payment of a premium, participate.  Such insurance may be used to provide guaranteed funding for any eligible export loan through a participating lending organization, as such terms are defined in this act.

B.  An eligible export loan shall consist of a loan from any participating lending organization to finance an international pre-export or export from the state which, in the judgment of the Department of Commerce, will create or maintain employment in Oklahoma.  An eligible export loan may include a pool of individual exports, all of which, in the judgment of the Department of Commerce, meet the foregoing condition.

C.  Export insurance shall consist of a guarantee against political or commercial loss in whole or in part.  Such insurance may include, without limitation, insurance against loss up to a stated amount.  Any insurance provided through the Department of Commerce hereunder shall not be terminated, canceled, or otherwise revoked except in accordance with the terms thereof.

D.  A participating lending organization shall be any organization as defined by Section 102 of Title 6 of the Oklahoma Statutes; any national bank, federal savings and loan association, and credit union or any other lender that has been approved by the Department of Commerce to participate in any eligible export loan or guaranteed funding within the purposes of this act.  The Department of Commerce may charge reasonable fees for providing any export insurance or professional services to a participating lending organization or exporter.

E.  Prior to providing an eligible export loan or guaranteed funding hereunder, the participating lending organization shall make an investigation of a line of credit to the exporter in order to determine the economic benefits to be derived therefrom, the prospects for repayment, and such other information it deems necessary to determine that such eligible export loan or guaranteed funding is consistent with the purposes of this act.  The Department of Commerce shall provide export insurance only if, and to the extent that, it determines, that (1) such insurance is reasonably necessary in order to stimulate or facilitate the exporting of products by an Oklahoma firm, or (2) such insurance is reasonably necessary in order to stimulate or facilitate the making of the eligible export loan including, without limitation, the making of the eligible export loan upon terms which will enable the loan to be reasonably competitive with loans in other states or in foreign countries or (3) such insurance is reasonably necessary in order to stimulate or facilitate the resale of such eligible export loan to a holder in due course which would not otherwise purchase such eligible export loan.  The Department of Commerce may condition the provision of an eligible export insurance hereunder upon such other terms and conditions as it may deem desirable to carry out the purposes of this act.

F.  Neither the export insurance made by the Department of Commerce nor the guaranteed loans provided by participating lending organizations shall constitute a general obligation of the State of Oklahoma nor shall such insurance, loans or guaranteed funding constitute an extension, pledge or loan of the credit of the State of Oklahoma to any individual, company, corporation or association.

Added by Laws 1986, p. 1597, H.J.R. No. 1050, § 7, operative Jan. 1, 1987.  Amended by Laws 1989, c. 77, § 1, emerg. eff. April 17, 1989.  Renumbered from § 2056 of this title by Laws 1992, c. 313, § 7, emerg. eff. May 27, 1992.