1. A license issued pursuant to the provisions of this chapter expires on December 31 of each year, unless it is renewed. To renew such a license, the licensee must submit to the Commissioner on or after November 1 and on or before December 31 of each year:
(a) An application for renewal; and
(b) The annual license fee.
2. If a licensee fails to submit any item required pursuant to subsection 1 to the Commissioner on or after November 1 and on or before December 31 of any year, the license is cancelled as of December 31 of that year. The Commissioner may reinstate a cancelled license if the licensee submits to the Commissioner on or before February 28 of the following year:
(a) An application for renewal; and
(b) The annual license fee.