(1) A contract security company license or renewal of the license shall be valid for a period of two (2) years from the date of issuance. The commissioner shall provide each licensee with a renewal application form sixty (60) days prior to the expiration of the license.
(2) The fee for timely renewal of a license shall be in accordance with the schedule promulgated by the commissioner. A penalty fee as prescribed by the commissioner will be assessed on any renewal application postmarked after the expiration date of the license.
(3) Licenses may be renewed up to three (3) months after their expiration by the payment of the renewal fee plus a penalty established by the commissioner for each month or portion of a month that elapses before payment is tendered.
(4) A renewal application shall be accompanied by a notarized statement sworn to by the applicant as to the number of employees in service. Making a false statement shall be punishable by a civil penalty of two hundred fifty dollars ($250) and assessment of the maximum renewal fee.