1st Alliance Lending, LLC v. Dept. of Banking

Summary

The court held that the statutory scheme required the Commissioner of Banking to automatically suspend the plaintiff's mortgage lender license when its surety bond was cancelled because the plaintiff had neither replaced or reinstated the bond nor effectively surrendered its license before cancellation. A purported surrender was ineffective because it required acceptance by the commissioner and, in light of an ongoing enforcement proceeding, the commissioner had not set the time or conditions for surrender. The court also rejected the plaintiff's estoppel claim and affirmed the dismissal of its administrative appeal.