(a) A registration issued under this subtitle expires on December 31 of each year.
(b) On or after November 1 of the year in which a registration expires, the registration may be renewed for an additional 1–year term if the registrant:
(1) Otherwise is entitled to be registered;
(2) Pays to the Commissioner the renewal fee established under § 12–1006 of this subtitle;
(3) Submits to the Commissioner a renewal application on the form that the Commissioner requires; and
(4) Pays to NMLS any fees that NMLS imposes in connection with the renewal of the registration.
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