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All certificates of registration issued by the commissioner under this chapter expire at the end of the registrant's fiscal year following issuance of the certificate, and become invalid after that date, unless renewed.
Renewal of a certificate of registration may be effected at any time during the two (2) months preceding the date of expiration, upon submission of an application to the commissioner on the prescribed form, accompanied by a renewal fee as set by the commissioner.
The fee for late renewal for certificates of registration shall be increased by an amount as set by the commissioner for each month or fraction of a month that payment for renewal is delayed. No renewal application will be accepted later than nine (9) months after the expiration date of a certificate.
The fee for reinstatement of a nonrenewed certificate of registration shall be set by the commissioner.