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Edward S. Butts DBA Portes Financial Services - Order of Revocation

State of New York Banking Department


In the Matter of

Edward S. Butts DBA Portes Financial Services

A registered Mortgage Broker 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 September 17, 2010 hearing in this matter and the Findings of Fact and Recommended Decision of Ms. Jean Marie Brescia, Esq., the duly designated Hearing Officer, a copy of which is annexed hereto, I find that substantial evidence has been adduced that the Respondent, a mortgage broker registered pursuant to Article 12-D of the New York State Banking Law (the “Banking Law”), failed to comply with the provisions of Section 591-a of the Banking Law and Part 410.14 of the Superintendent’s Regulations.

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

IT IS HEREBY ORDERED,

  1. That Respondent’s name as a mortgage broker should be deleted from the roll of mortgage brokers registered pursuant to Article 12-D of the Banking Law; and
  2. That Respondent immediately returns the mortgage broker registration issued by this Department upon the date of this order.
Witness, my hand and official seal of the Banking Department at the City of New York, this 28th day of October in the Year two thousand and ten.

____________________________
Jane Azia
Director of Non-Depository Institutions
and Consumer Protection