(a) A microbusiness license issued under this part is valid for 2 years. Each application for a microbusiness license must contain all of the following:
(1) The application materials required by the Commissioner.
(2) The discounted application fee in the amount of $3,000.
(3) Materials required § 1331(3) and (4) of this title.
(b) A microbusiness licensee shall pay the Commissioner biennially for the microbusiness license at a discounted rate of 40% of the applicable open license. A microbusiness licensee must renew the license biennially by paying the fee required by this subsection and by providing confirmation that all of the criteria in § 1340 of this title are satisfied.