(a) A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3–year term as provided in this section.
(b) Before its permit expires, the foreign banking corporation may renew the permit for additional 3–year terms if the foreign banking corporation:
(1) At least 30 days before its permit expires submits to the Commissioner a renewal application on the form that the Commissioner requires; and
(2) Meets the requirements for issuance of a permit under § 12–209 of this subtitle.
(c) The Commissioner shall renew the permit of each foreign banking corporation that meets the requirements of this section.