(a) A license or registration issued under this chapter shall expire on a date to be determined by the Commissioner. A license or registration may thereafter be renewed for one-year term extensions as provided by this section.
(b) Before a license expires, the applicant may renew the license or registration for additional one-year terms, if the applicant:
(1) Demonstrates that the applicant continues to meet the standards for licensing or registration under this chapter and under all relevant provisions of the Banking Code;
(2) Pays all applicable fees as prescribed by the Commissioner and all third-party fees; and
(3) Submits to the Commissioner a renewal application on the form that the Commissioner requires.