Each license shall expire one year after its date of issuance. Subject to the power of the local licensing authority to deny, revoke, or suspend a license, any license shall be renewable by the local licensing authority for the next one-year period upon proper application for renewal payment of license fees. An application for renewal of a license must be received by the local licensing authority on a form provided by the authority not less than thirty (30) days prior to the expiration date of the license, and the authority shall promptly notify the licensee of the authority’s intent to refuse to renew the license. The licensee may, within fifteen (15) days after receipt of the notice of intent to refuse to renew a license, request a hearing on the refusal in the manner prescribed by this chapter. A licensee is permitted to continue to engage in business while its renewal application is pending. Upon renewal of any license, the local licensing authority shall issue a renewal license.