1.  A permit must be renewed annually by the developer by filing an application with and paying the fee for renewal to the Administrator. The application must be filed and the fee paid not later than 30 days before the date on which the permit expires. The application must include the budget of the association and any material change that has occurred in the information previously provided to the Administrator or in a public offering statement provided to a prospective purchaser pursuant to the provisions of NRS 119A.400.

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2.  The renewal of a permit with no material changes to the public offering statement is effective on the 30th day after the filing of the application unless the Administrator:

(a) Issues a written denial of the renewal pursuant to NRS 119A.654 describing the reasons for denial in sufficient detail to allow the developer to correct the deficiencies; or

(b) Approves the renewal on an earlier date.

3.  The Division shall, within 30 days after the receipt of evidence that the deficiencies in the application for renewal of a permit to sell time shares are corrected, renew the permit to sell time shares or deny the renewal and list the specific reasons for denial.

4.  If the Administrator fails to take any action described in subsection 3, the renewal of the permit to sell time shares shall be deemed issued by the Division.