(a) A registration expires on the first July 1 after its effective date unless it is renewed as provided in this section.
(b) Before a registration expires, the registrant may renew it for an additional 1-year term if the registrant:
(1) files with the Commissioner:
(i) a renewal application on the form that the Commissioner requires;
(ii) in the case of a corporation or limited liability company, a certificate of good standing issued by the State Department of Assessments and Taxation; and
(iii) evidence of compliance with § 23-202 of this subtitle; and
(2) pays to the Commissioner a renewal fee of $50.
(c) The Commissioner shall renew the registration of each registrant that meets the requirements of this section.