(a)    Subject to any regulations the Commissioner adopts in connection with the transition to the Nationwide Mortgage Licensing System and Registry, an initial license term shall:

(1)    Begin on the day the license is issued; and

(2)    Expire on December 31 of the year:

(i)    The license is issued, if the license is issued before November 1; or

(ii)    Succeeding the year that the license is issued, if the license is issued on or after November 1.

(b)    At least 60 days before its expiration, a license may be renewed if the licensee:

(1)    Otherwise is entitled to be licensed;

(2)    Pays to the Commissioner a nonrefundable renewal fee set by the Commissioner; and

(3)    Submits to the Commissioner:

(i)    A renewal application on the form that the Commissioner requires; and

(ii)    Satisfactory evidence of compliance with any continuing education requirements set by regulations adopted by the Commissioner.

(c)    Subject to any regulations the Commissioner adopts in connection with the transition to the Nationwide Mortgage Licensing System and Registry, a renewal term shall:

(1)    Be for a period of 1 year;

(2)    Begin on January 1 of each year after the initial term; and

(3)    Expire on December 31 of the year the renewal term begins.

(d)    In addition to the license renewal fee required under subsection (b)(2) of this section, an applicant for a license renewal shall pay to the Nationwide Mortgage Licensing System and Registry any fees that the Nationwide Mortgage Licensing System and Registry imposes in connection with the renewal application.

(e)    If a license is surrendered voluntarily, or is suspended or revoked, the Commissioner may not refund any part of the license fee regardless of the time remaining in the license term.