Registration for an apprentice shall be valid for five (5) years and shall expire on the last day of the month in which it is set to expire unless renewed. Registration for a specialty apprentice shall be valid for three (3) years and shall expire on the last day of the month in which it is set to expire unless renewed. An apprentice registration or specialty apprentice registration may be renewed at any time during the month prior to its expiration. Failure of any apprentice to timely renew a registration shall cause a lapse of the registration, but it may be revived within one (1) year upon payment of the renewal fee.