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 a license expires, the license may be renewed for an additional 1-year term, if the licensee:

   1. (1) Otherwise is entitled to be licensed;
   2. (2) Pays to the Commissioner a renewal fee of $500; and
   3. (3) Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires.
3. (c) The Commissioner shall determine if the requirements of § 12-106 of this subtitle to qualify for a license continue to apply.
4. (d) To the extent required or permitted by NMLS, the Commissioner may determine that licenses issued under this subtitle shall expire on a staggered basis.
5. (e) 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 § 12-105(c) of this subtitle.

Added by Acts 2000, c. 614, § 2, eff. Oct. 1, 2000. Amended by Acts 2017, c. 253, § 1, eff. July 1, 2017.