(a) All applications for renewals of licenses shall be filed with the department before the expiration date of the license. Unless the department shall have given to the applicant twenty days' previous notice of objections to the renewal of his license based upon the violation of this act or upon the licensee's failure any longer to have the qualifications required for the issuance of a license, the license shall be renewed upon the payment of the renewal fee of five thousand dollars ($5,000).

(b) The renewal application shall be accompanied by a bond in conformity with the requirements applicable to an original application for license. The bond shall be in the same amounts and subject to the same terms and conditions as in the case of an original application, unless an additional bond is required under the provisions of subsection (b.1) of section 6.¹