1. A license expires on December 31 of each year. On or before that date, each licensee must pay to the Commissioner a fee of not more than $1,000 for the renewal of each license held by the licensee. The Commissioner may reinstate an expired license upon receipt of the fee for renewal and a fee of not more than $400 for reinstatement.
2. The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.