(1) All certificates of authority issued pursuant to the provisions of this chapter shall expire on the same date, irrespective of when issued.
(2) Expiration dates of the certificates, either renewal or original, shall be the July 1 following the year from the preceding expiration date.
(3) Current and subsisting certificates of authority shall be renewed as provided for in this section for a one-year period upon payment of a renewal fee in the sum to be set by the Arkansas Abstracters' Board.
(4) No more than sixty (60) days nor less than thirty (30) days before the expiration date of the certificate issued, the board shall cause a notice of expiration and application for renewal to be mailed to each of the holders of the certificates.
(5) The notice and application shall be in a form prepared by the board.
(6) Upon determination by the board of the applicant's compliance with this chapter, a renewal certificate of authority shall be issued to the applicant.
(7) If a holder of a certificate of authority fails to apply for renewal of his or her authority and to pay the fee provided therefor, the board shall cause to be mailed to the holder a notice that his or her certificate has expired and is no longer valid authority for the person to engage in the business of abstracting.
(8) The notice shall be mailed not more than thirty (30) days following the certificate expiration date.
(9) The holder shall be granted an additional period of sixty (60) days from the date of mailing the notice within which to file his or her application for renewal.
(10) The name of any holder failing to renew his or her authority pursuant to the terms of this section shall be stricken from the records of the board.
(11) Such a person, firm, or corporation shall no longer engage in the business of abstracting in this state until so authorized by the board.