The application for license and all applicable fees are due prior to the issuance of the initial license. The initial fee for a license shall be two hundred fifty dollars, and a renewal license shall be one hundred seventy-five dollars. All licenses shall be reviewed annually by the department. The department shall mail to the licensee at the last known address a renewal notice. The department shall establish by rules promulgated pursuant to chapter 1-26 the review date, if other than October first to December thirty-first, inclusive. Any licensee who does not file the licensee's renewal notice and fee with the department prior to the expiration date shall cease to engage in business as a dealer on the license expiration date. All money collected pursuant to this section shall be deposited in the state motor vehicle fund.
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