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Act Lending Corporation d/b/a Act Mortgage Capital - Order of Revocation

State of New York Banking Department


In the Matter of

Act Lending Corporation D/B/A
Act Mortgage Capital

A Licensed Mortgage Banker Pursuant
to Article 12-D of the New York Banking Law

- Respondent -

ORDER OF REVOCATION


AFTER, due and proper notice and hearing; and

AFTER, review of the transcript of the March 6, 2008 hearing on this matter and the Findings of Fact and Recommended Decision of Paul Altruda, Esq., the duly designated Hearing Officer, a copy of which is annexed hereto, I find that substantial evidence has been adduced that Respondent, a mortgage banker licensed pursuant to Article 12-D of the New York State Banking Law (the “Banking Law”), violated the provisions of Section 597 of the Banking Law and Part 410.8(b) of the Superintendent’s Regulations in that Respondent has not submitted a Volume of Operations Report for the 2006 calendar year.

NOW THEREFORE, under the authority granted to me pursuant to Sections 595(1) and 44-a of the Banking Law:

IT IS HEREBY ORDERED,

1. NOW THEREFORE, under the authority granted to me pursuant to Sections 595(1) and 44-a of the Banking Law:

IT IS HEREBY ORDERED,

  1. That Respondent’s License as a mortgage banker is revoked pursuant to Article 12-D upon the receipt of this Order; and

  2. That Respondent immediately return the mortgage banker’s license issued by the Banking Department upon the receipt of this order.

Witness, my hand and official seal of the Banking Department at the City of New York, this 27th day of May in the Year Two Thousand and eight.

____________________________
Richard H. Neiman
Superintendent of Banks