(a) All licenses issued under this chapter shall expire two (2) years from the date the license was issued or renewed. All documentation and fees that are a prerequisite to the renewal of a license or registration shall be delivered to the commission prior to the expiration date of the license.
(b) The license of any broker, affiliate broker, time-share salesperson or acquisition agent who fails to deliver all documentation or to pay fees that are a prerequisite to the renewal of a license or registration no later than sixty (60) days prior to the expiration date of the license shall not be renewed except upon providing the documentation prior to the expiration date of the license and payment of the fees, plus a penalty fee of no more than fifty dollars ($50.00) per month, or portion of a month, that the documentation or fees are late.
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