(a) After a licensee complies with AS 06.60.085, the department may renew the licensee's license if
(1) the licensee continues to meet the standards for license issuance under AS 06.60.060;
(2) in the case of a mortgage loan originator license, the mortgage loan originator licensee has satisfied the annual continuing education requirements of AS 06.60.160;
(3) the licensee has paid all required fees for renewal of the license; and
(4) the licensee is in compliance with the requirements of this chapter and regulations adopted and orders issued under this chapter.
(b) If a licensee fails to satisfy (a) of this section, the license expires at the end of the period for which the license was issued. The department may adopt by regulation procedures for the reinstatement of expired licenses. The procedures must be consistent with the standards established by the registry.