1.  Except as otherwise provided in subsection 2, if a licensee fails to submit any item required for the renewal of his or her license pursuant to NRS 645G.100, 645G.200 or 645G.210, as applicable, to the Commissioner on or after November 1 and on or before December 31 of any year, the license is cancelled as of December 31 of that year and no license may be issued to the licensee except upon another application for an original license.

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2.  The Commissioner may reinstate a license which has been cancelled pursuant to subsection 1 if the licensee submits to the Commissioner on or before February 28 of the year following the cancellation of the license:

(a) An application for renewal which contains the information required by the Division for that purpose; and

(b) A fee one and one-half times the amount otherwise required for renewal.