A. Any license issued between January 1, 2020, and December 31, 2020, shall expire on December 31, 2021. All licenses issued on and after January 1, 2021, shall expire on December 31 in the year such license is issued, unless earlier surrendered, suspended or revoked pursuant to this act.¹ On and after January 1, 2021, an initial license fee may be prorated to correspond to the number of months between the issuing date and the expiration date of December 31 of the same year.

B. Each license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of this act and the payment to the Administrator of the Department of Consumer Credit annually by December 1 of a license renewal fee of Five Hundred Fifty Dollars ($550.00).

C. A licensee making timely and complete application for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied.