1. (a)

   1. (1) Unless registration of an offer of a franchise is renewed for a 1-year term as provided in this section, the registration expires on the first anniversary of its effective date.
   2. (2) However, the Commissioner by regulation or order may set a different term of registration.

2. (b)

   1. (1) Before registration expires, the registrant periodically may renew it for an additional 1-year term, if the registrant:

      1. (i) at least 15 business days before the expiration of registration files with the Commissioner:

         1. 1. a renewal application on the form that the Commissioner provides; and
         2. 2. a prospectus;
      2. (ii) otherwise is entitled to be registered; and
      3. (iii) pays a renewal fee of $250.
   2. (2) The registrant shall sign and verify the renewal application.
   3. (3) The Commissioner by order may allow a registrant to submit a renewal application after the 15th business day before expiration of the registration.
3. (c) The Commissioner shall renew the registration of an offer of a franchise if it meets the requirements of this section.

4. (d) Unless a stop order or other order is in effect under this subtitle, renewal of the registration of the offer of a franchise automatically takes effect at:

   1. (1) noon on the day when the previous registration is due to expire; or
   2. (2) an earlier time that the Commissioner sets.

Added by Acts 1992, c. 4, § 2. Amended by Acts 1992 c. 26, § 4.

Formerly Art. 56, §§ 350, 358, 359, 360.