(a) Expiration date.

1. (1) Licenses issued between March 1 and December 31 shall expire on June 30 of the year following their issuance.
2. (2) Licenses issued in January and February shall expire on June 30 of the same year.

(b) Renewal application. Applications for license renewal shall consist of:

1. (1) An application form provided by the director;
2. (2) The same fees for licensure and for registering employees as required for a new license; and
3. (3) The same documentation as required for a new license, including but not be limited to, documents pertaining to a change in agency managers, changes in ownership, current surety bond, and information regarding an agency’s collectors.

(c) Failure to renew.

1. (1) Failure to complete the renewal process by June 30 shall be construed as an agency having knowingly and willingly allowed its license to expire.
2. (2) An agency that continues or continued to operate or practice debt collection activities in Arkansas after its license has expired may be subject to a civil penalty, at the State Board of Collection Agencies discretion.
3. (3) Failure to receive a renewal notice or reminder from the board is not justification for failure to renew an agency’s license on time.
4. (4) Should a later request for licensing be made by the holder of an expired license, it shall be treated as a new application.