(a) A license expires on the June 30 after its effective date, unless the license is renewed for a 1-year term as provided in this section.

(b) Before his license expires, a licensee periodically may renew his license for additional 1-year terms, if the licensee:

(1) Otherwise is entitled to be licensed;

(2) Pays to the Board a renewal fee of $125; and

(3) Submits to the Board a renewal application on the form that it requires.