a. All annual licenses required pursuant to the provisions of section 2 of P.L.1941, c.151 (C. 4:19-15.2), section 3 of P.L.1941, c.151 (C. 4:19-15.3) and section 8 of P.L.1941, c.151 (C. 4:19-15.8) shall expire no later than June 30 in the calendar year next following issuance; provided that the license and registration tag fee shall be prorated for any license and registration tag which is valid for longer than 12 months. The governing body of a municipality may stagger the expiration of such annual licenses so long as all expirations occur no later than June 30 in the calendar year next following issuance.

b. Any three-year registration tag issued pursuant to the provisions of section 2 of P.L.1941, c.151 (C. 4:19-15.2) or section 3 of P.L.1941, c.151 (C. 4:19-15.3), which is due to expire January 31 of the year of the effective date of this act, shall be valid until June 30 of that year.

Upon renewal of the three-year licenses on June 30 of the calendar year next following issuance, the municipality may assess a fee, in addition to the annual fee, which reflects a prorated portion of the three-year fee for the period January 31 to June 30 preceding renewal.

L.1982,c.203,s.4; amended 1983, c.40, s.2; 1996, c.113, s.2.