Every dealer plate issued pursuant to Section 66-3-402 N.M. Stat. Ann. expires at midnight on December 31 of each year. Upon payment of the proper fee, the person to whom the dealer plate was issued may apply to the department for a new plate or validating sticker for the ensuing year. Renewal of all dealer plates shall be on or before December 31. A person who operates a vehicle with a dealer plate that has expired is guilty of a penalty assessment misdemeanor.