(1) A license to operate a school shall expire on September 1 of each year. An application for renewal of the license shall be accompanied by satisfactory proof that the applicant continues to meet the requirements of § 62-4-120(c).
(2) No renewal application shall be accepted after September 30 following the expiration date of a license to operate a school; however, the board may, in its discretion, reinstate a former licensee upon proper application accompanied by all past unpaid renewal fees, the fee for the current year, and a surcharge for processing the application.
(3) The board shall promulgate rules pursuant to its authority in § 62-4-112 to establish: An annual fee for the renewal of a license to operate a school;
(4) A penalty fee to be assessed on any renewal application postmarked after the expiration date of the license; and
(5) The amount of the surcharge required pursuant to subsection (b).