(a) A license issued under this chapter, unless sooner suspended or revoked, shall expire on July 1 of each even-numbered year, but may be biennially renewed by the license holder in good standing upon the payment of a biennial renewal fee. Failure to pay the biennial fee shall constitute a forfeiture of the license as of the date of expiration.
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(b) The holder of an expired license may have the same restored within one year of the date of expiration upon due application therefor and payment of the delinquent fees and a penalty fee. A person whose license has been forfeited and who fails to restore the license as provided in this section shall apply as a new applicant.
