(a) A license expires an December 31 after its effective date, unless the license is renewed for a one year term as provided in this section.
(b) Before a license expires, the licensee periodically may renew the license for additional one year terms, if the licensee;
(1) otherwise is entitled to be licensed;
(2) submits to the Banking Board a renewal application on the form that the Banking Board prescribes; and
(3) files a bond or bond continuation certificate for the amount required under section 363 of this chapter.
(c) If a license is issued for less than a full year, is surrendered voluntarily, is suspended, or is revoked, the Banking Board may not refund any part of the license fee, regardless of the time remaining in the license year.
(d) In order to defray the costs of the examination, supervision, and regulation of mortgage lenders, every mortgage lender required to be licensed under this chapter shall pay an annual renewal fee calculated in accordance with a schedule set by regulations promulgated by the Banking Board. The schedule must bear a reasonable relationship to the total assets of such individual mortgage lenders and to other factors relating to their supervision and regulation. Every mortgage broker required to be licensed under this chapter shall pay an annual renewal fee calculated in accordance with a schedule set by regulation promulgated by the Banking Board. All such fees must be paid by the licensed mortgage lenders and mortgage brokers upon submission of the renewal application.