1. (a) Unless a dealer's license is renewed for a 1-year term as provided in this section, a dealer's license expires on the first June 30 after its effective date.

2. (b)

   1. (1) Before a dealer's license expires, the licensee periodically may renew it for an additional 1-year term, if the licensee:

      1. (i) is otherwise entitled to be licensed;
      2. (ii) pays to the Secretary a renewal fee of $25, payable to the Comptroller; and
      3. (iii) submits to the Secretary a renewal application on the form that the Secretary provides.
   2. (2) A refund or proration of the renewal fee is prohibited.

Added by Acts 2003, c. 5, § 2, eff. Oct. 1, 2003.