(a) A license expires on the first December 31 after its effective date unless it is renewed as provided in this section.

(b) At least 1 month before a license expires, the Commissioner shall send to the licensee, at the last known address of the licensee or electronic mail address of the holder on record a notice that states:

(1) the process for renewing the license;

(2) the date by which the Commissioner must receive the renewal application; and

(3) the amount of the renewal fee.

(c) Before a license expires, the licensee may renew it for an additional 1-year term if the holder:

(1) otherwise is entitled to a license;

(2) files with the Commissioner a renewal application:

(i) on the form that the Commissioner provides; or

(ii) in an electronic format that the Commissioner approves;

(3) files with the Commissioner the fees to be charged to members;

(4) provides a financial statement as required under § 26-203(c)(3) of this subtitle; and

(5) pays to the Commissioner a renewal fee of $100.

(d) The Commissioner shall renew the license of each licensee that meets the requirements of this section.