(a) On or before September 30 of the renewal year, a person whose insurance adviser’s license has expired may reinstate the expired license by:
(1) filing with the Commissioner the appropriate reinstatement application;
(2) paying to the Commissioner the applicable reinstatement fee required under subsection (b) of this section; and
(3) complying with the bond requirement of § 10-206 of this subtitle.
(b) (1) The fee for a reinstatement under this section shall be:
(i) the amount charged for a full renewal period for the type of license held by the person seeking the reinstatement; and
(ii) 1. $25 for reinstatement during the period from July 1 through July 31;
2. $50 for reinstatement during the period from August 1 through August 31; and
3. $75 for reinstatement during the period from September 1 through September 30.
(2) The Commissioner may limit the reinstatement fee to the amount of the renewal fee in cases where the reinstatement applicant did not make timely renewal because of temporary incapacity, hospitalization, or other hardship.
(c) A person whose insurance adviser’s license has expired is prohibited from acting as an insurance adviser until the effective date of reinstatement of the license.
(d) A person who does not comply with subsection (a) of this section on or before September 30 of the year of expiration shall apply for an insurance adviser’s license under § 10-205 of this subtitle and meet any other requirements specified by the Commissioner in regulation.
(e) The Commissioner may adopt regulations to carry out this section.
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