(a) License required.— The following persons may engage or continue to engage in this Commonwealth as a principal, employee, agent or broker only as authorized in this chapter and under a license issued by the department:

1. (1) An installment seller.
2. (2) A sales finance company.
3. (3) A collector-repossessor.

(b) Term.—

1. (1) Subject to paragraph (2), unless revoked or suspended under section 6218 (relating to revocation or suspension of license) or otherwise surrendered, a license shall be valid for one year.
2. (2) A license shall expire on October 1 annually, after the license is initially approved or renewed.