A licensee shall make application for renewal as prescribed by the deputy director and pay the renewal fee prescribed in section 6-126 not later than September 30 of each year. For each day after September 30 that the renewal application is not received by the deputy director the applicant shall pay $25 in addition to the fee prescribed by section 6-126. Licenses for which renewal applications are not received by the deputy director by September 30 are suspended, and the licensee shall not act as an escrow agent until the license is renewed or a new license is issued pursuant to this article. A license of a licensee that has not filed its renewal application and paid the renewal fee by October 31 expires. A license shall not be granted to the holder of an expired license except as provided in this article for the issuance of an original license.