(a) The commissioner shall, by rule, establish an annual fee for renewal of a license under this part.

(b) Licenses issued or renewed pursuant to this chapter shall expire on December 31. Each license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of § 45-7-205, including the security device adjusted in accordance with § 45-7-208, and the payment of the license renewal fee to the commissioner.

(c) Licenses issued or renewed under the former provisions of this chapter shall instead expire on December 31, 2013.

(d) The licensee must include in its renewal application:

(1) A copy of its most recent audited unconsolidated annual financial statement (including balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes in financial position), except that a licensee may provide the most recent audited consolidated annual financial statement of the parent corporation if the statement separately includes the balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes of financial position of the licensee. A licensee who does not transmit money in this state through more than an aggregate of four (4) locations may provide a financial statement certified by the owner or manager of the licensee;

(2) For the most recent quarter for which data is available prior to the date of the filing of the renewal application, but in no event more than one hundred twenty (120) days prior to the renewal date, the licensee must provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding;

(3) Any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this part;

(4) A list of the licensee's permissible investments;

(5) A list of the locations within this state at which business regulated by this part is conducted by either the licensee or its authorized agent;

(6) Notification of material litigation or litigation relating to money transmission; and

(7) Other information the commissioner may deem appropriate for the proper enforcement of this part.

(e) Failure to pay the renewal fee or to submit a completed renewal application between November 1 and December 31 shall cause the license to expire at the close of business on December 31.

(f) If an applicant for license renewal under this part was engaged in the business of selling or issuing money orders on April 30, 1995, at not more than four (4) locations, and if the applicant possessed a duly issued license to engage in the business as was required at the time by § 45-7-102, and if the applicant currently engages in the business of money transmission at not more than four (4) locations, then the applicant shall not be required to submit an audited financial statement pursuant to this section.