§12–111.

    (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 a license expires, the license may be renewed for an additional 1–year term, if the licensee:

        (1)    Otherwise is entitled to be licensed;

        (2)    Pays to the Commissioner a renewal fee of $500; and

        (3)    Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires.

    (c)    The Commissioner shall determine if the requirements of § 12–106 of this subtitle to qualify for a license continue to apply.

    (d)    To the extent required or permitted by NMLS, the Commissioner may determine that licenses issued under this subtitle shall expire on a staggered basis.

    (e)    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 § 12–105(c) of this subtitle.