(1) For good cause shown, the director may grant an extension of time during which the requirements imposed by sections 44-3901 to 44-3908 may be completed, but such extension of time shall not exceed the period of one year.

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(2) The director shall not renew a license nor issue a new license to any licensee who has failed to comply with the requirements set forth in sections 44-3901 to 44-3908.