Each licensee must renew the licensee’s license on forms provided by the board and pay a fee as set by the board. The fee, in the form of a check or money order, shall accompany the renewal application. If a licensee fails or neglects to register such licensee’s license by the prescribed time, the licensee’s license shall be automatically revoked. The license may be restored by paying all registration fees due, plus a penalty fee. Such penalty fee shall be set by the board.