1. A registration issued under this chapter shall be valid for one year as provided by rule.
2. An application to renew registration shall be submitted in the form and in the manner prescribed by the director. The director may further require periodic disclosures of changes impacting registration, such as a change in ownership or the designated controlling person.
3. An application to renew registration shall contain the information described in section 543E.8, subsection 2.
4. A registration issued under this chapter shall lapse if not timely renewed, in accordance with rules adopted by the director.
5. A person holding a lapsed registration shall not directly or indirectly engage in or attempt to engage in business as an appraisal management company or advertise or hold itself out as engaging in or conducting business as an appraisal management company in this state until the registration has been reinstated under the process prescribed by the director by rule.