(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)is otherwise entitled to be licensed;
(2)pays to the Board a nonrefundable renewal fee set by the Board;
(3)submits a renewal application in the form and in accordance with the process that the Board requires; and
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(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) is otherwise entitled to be licensed;
(2) pays to the Board a nonrefundable renewal fee set by the Board;
(3) submits a renewal application in the form and in accordance with the process that the Board requires; and
(4) files as part of the application a surety bond as required under § 7–304 of this subtitle.
(c) To the extent required or permitted by NMLS, the Board may determine that licenses issued under this subtitle shall expire on a staggered basis.
(d) 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 § 7–301(d) of this subtitle.