§ 12-411. Term and renewal of licenses

   (a) Term. -- Subject to any regulations the Commissioner adopts in connection with the transition to the nationwide licensing system, an initial license term shall:

   (1) Begin on the day the license is issued; and

   (2) Expire on December 31 of the year:

      (i) The license is issued, if the license is issued before November 1; or

      (ii) Succeeding the year that the license is issued, if the license is issued on or after November 1.

(b) Renewal. -- On or after November 1 of each year, a license may be renewed for a 1-year term, if the licensee:

   (1) Otherwise is entitled to be licensed;

   (2) Files evidence of a surety device required under § 12-412 of this subtitle;

   (3) Pays to the Commissioner a nonrefundable renewal fee of $ 2,000; and

   (4) Submits to the Commissioner:

      (i) A renewal application in the form and in accordance with the process that the Commissioner requires;

      (ii) A financial statement that complies with the requirements of § 12-407(b)(4) of this subtitle; and

      (iii) Any other information that the Commissioner reasonably requires to determine that the renewal applicant continues to be eligible to be licensed.

(c) Fees. -- In addition to the license renewal fee required under subsection (b)(3) of this section, an applicant for a license renewal shall pay to the nationwide licensing system the fee that the nationwide licensing system imposes in connection with the renewal application.

HISTORY: An. Code 1957, art. 11, § 217; 1980, ch. 33, § 2; ch. 541; 1996, ch. 326, § 2; 1997, ch. 23; 2002, ch. 539; 2012, ch. 78.