1. (a) An initial license term shall:

   1. (1) begin on the date the license is issued; and

   2. (2) expire on December 31 of the year:

      1. (i) in which the license is issued, if the license is issued before November 1; or
      2. (ii) immediately following the year in which the license is issued, if the license is issued on or after November 1.

2. (b) On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1-year term, if the licensee:

   1. (1) is otherwise entitled to be licensed;
   2. (2) pays to the Board a nonrefundable renewal fee set by the Board;
   3. (3) submits a renewal application in the form and in accordance with the process that the Board requires; and
   4. (4) files as part of the application a surety bond as required under § 7-304 of this subtitle.
3. (c) To the extent required or permitted by NMLS, the Board may determine that licenses issued under this subtitle shall expire on a staggered basis.
4. (d) A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee's licensing information to NMLS in accordance with § 7-301(d) of this subtitle.

Added by Acts 1992, c. 4, § 2. Amended by Acts 1993, c. 5, § 1; Acts 1997, c. 22, § 1, eff. Oct. 1, 1997; Acts 1997, c. 22, § 1, eff. Oct. 1, 1997; Acts 2005, c. 25, § 1, eff. April 12, 2005; Acts 2017, c. 253, § 1, eff. July 1, 2017.

Formerly Art. 56, § 328.