1. A license expires on December 31 of each year unless renewed by the licensee. To renew a license, a 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) A fee of not more than $1,000 for each license held by the licensee.
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;
(b) The fee specified in paragraph (b) of subsection 1; and
(c) A fee of not more than $400 for reinstatement.
3. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.