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

Summary

The court held that the statutory scheme required the Commissioner of Banking to suspend the plaintiff's mortgage lender license when its surety bond was cancelled because the plaintiff neither reinstated or replaced the bond nor effectively surrendered its license before cancellation. A purported surrender was ineffective without the commissioner's acceptance and, because an enforcement proceeding was pending, without an order establishing the time and conditions of surrender. The court also rejected the plaintiff's estoppel claim and affirmed the dismissal of its administrative appeal.