(a) Renewal.--

(1) A fantasy contest license issued under this chapter shall be valid for a period of five years.

(2) Nothing in this subsection shall be construed to relieve a licensed operator of the affirmative duty to notify the board of any changes relating to the status of its fantasy contest license or to any other information contained in the application materials on file with the board.

(3) The application for renewal of a fantasy contest license must be submitted at least 180 days prior to the expiration of the fantasy contest license and include an update of the information contained in the initial application for a fantasy contest license. A fantasy contest license for which a completed renewal application and fee as required under subsection (c) has been received by the board shall continue in effect unless and until the board sends written notification to the licensed operator that the board has denied the renewal of the fantasy contest license.

(b) Revocation or failure to renew.--

(1) In addition to any other sanction the board may impose under this chapter, the board may at its discretion suspend, revoke or deny renewal of a fantasy contest license issued under this chapter if it receives information that:

(i) the licensed operator or the licensed operator's key employees or principals are in violation of any provision of this chapter;

(ii) the licensed operator has furnished the board with false or misleading information;

(iii) the information contained in the licensed operator's initial application or any renewal application is no longer true and correct;

(iv) the licensed operator has failed to remit taxes or assessments required under section 331 (relating to fantasy contest tax), 332 (relating to licensed operator deposits) or 333 (relating to responsibility and authority of department); or

(v) the licensed operator has legally defaulted in the payment of any obligation or debt due to the Commonwealth.

(2) In the event of a revocation or failure to renew, the licensed operator's authorization to conduct fantasy contests shall immediately cease and all fees paid in connection with the application shall be deemed to be forfeited.

(3) In the event of a suspension, the licensed operator's authorization to conduct fantasy contests shall immediately cease until the board has notified the licensed operator that the suspension is no longer in effect.

(c) Renewal fee.--

(1) Within 30 days of the board renewing a fantasy contest license, the licensed operator shall pay to the board a renewal fee of $10,000.

(2) The renewal fee collected by the board under this subsection shall be deposited into the General Fund.

(3) If a licensed operator fails to pay the renewal fee required under this subsection, the board shall suspend or revoke the licensed operator's fantasy contest license until payment of the renewal fee is received.