(a)

(1) Notwithstanding any provision of this chapter to the contrary, the board, with the approval of the commissioner, shall establish a system of license renewals at alternative intervals that will allow for the distribution of the license workload as uniformly as is practicable throughout the calendar year. Licenses issued under the alternative method are valid for twenty-four (24) months and shall expire on the last day of the last month of the license period. However, during a transition period, or at any time thereafter when the board shall determine that the volume of work for any given interval is unduly burdensome or costly, either the licenses or renewals, or both of them, may be issued for terms of no less than six (6) months nor more than eighteen (18) months. The fee imposed for any license under the alternative interval method for a period of other than twenty-four (24) months shall be proportionate to the annual fee and modified in no other manner, except that the proportional fee shall be rounded off to the nearest quarter of a dollar ($.25).

(2) No renewal application will be accepted after the last day of the month following the license expiration date under the alternative method authorized in this subsection (a).

(b) A thirty-day grace period shall be given to renew licenses or charters. After the grace period expires, a ten dollar ($10.00) per day penalty shall be levied for each day charter or license fees and applications are late.