(a) An initial license term shall: (1) Begin on the date the license is issued; and (2) Expire on December 31 of the year: (i) In which the license is issued, if the license is issued before November 1; or (ii) Immediately following the year in which the license is issued, if the license is issued on or after November 1. (b) On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1-year term, if the licensee: (1) Otherwise is entitled to be licensed; (2) Pays to the Commissioner a renewal fee of $850; and (3) Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires. (c) The Commissioner may waive the requirements of § 11-205(1) and (2) of this subtitle for the renewal of a license. (d) To the extent required or permitted by NMLS, the Commissioner may determine that licenses issued under this subtitle shall expire on a staggered basis. (e) A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee's licensing information to NMLS in accordance with § 11-203.1(c) of this subtitle.
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