(a) The minimum standards for license renewal for mortgage loan originators shall include the following:

(1) Continues to meet the minimum standards for licensure under § 45-13-302(c);

(2) Satisfies the annual continuing education requirements described in § 45-13-307; and

(3) Pays a nonrefundable renewal fee of one hundred dollars ($100), which amount may be decreased or increased by rule of the commissioner.

(b) To renew a mortgage loan originator license for the following calendar year, the commissioner must receive on or before December 31 a completed renewal application and fee meeting the requirements of subsection (a). If the renewal requirements are not timely met, the mortgage loan originator license shall expire at the close of business on December 31.

(c) Should the commissioner deny a renewal application, the applicant may make written demand to the commissioner for a hearing on the question of whether the license should be renewed; provided, that the request for hearing be received by the commissioner within thirty (30) days from the date of denial; and provided, further, that the failure to timely request a hearing shall cause the license to be automatically revoked without further notice or hearing at the end of the thirty-day period. If a hearing is timely requested under this subsection (c), it shall be conducted under the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, and the license shall not expire until resolution of the appeal in accordance with the Uniform Administrative Procedures Act.