(a) A social equity license issued under this part is valid for 2 years. Each application for a social equity license must contain all of the following:
(1) The application materials required by the Commissioner.
(2) The discounted application fee in the amount of $1,000.
(3) Materials required by § 1331(3) and (4) of this title.
(b) A social equity licensee shall pay the Commissioner biennially for the social equity license at a discounted rate of 40% of the applicable open license. A social equity licensee must renew the license biennially by paying the fee required by this subsection, providing confirmation that all of the criteria in § 1336 of this title are satisfied, and by providing documentation of a labor peace agreement.