(a) All licenses issued pursuant to this chapter expire on December 31 of the last year for which they are issued. Licenses may be renewed before their expiration through application in the form prescribed by the director and upon payment of a fee as prescribed by the director pursuant to Section 11502.5.
(b) A penalty as prescribed by the director pursuant to Section 11502.5 shall be assessed against any applicant who applies for renewal after the expiration date.