(a) On or before December 31 of each year, a registrant shall renew its registration for the next calendar year and shall pay to the commissioner a renewal fee in an amount not to exceed $500 as determined by the finance commission. To renew a registration, a registrant must continue to meet all standards for registration provided by this chapter.
(b) If a registrant fails to file a renewal and pay the renewal fee on or before December 31 of a calendar year, the registrant's registration is considered expired at that time and the registrant:
(1) must reapply for registration as provided by Section 158.053; and
(2) may not conduct business as a residential mortgage loan servicer until the registration is approved.
(c) The commissioner may refuse to renew a registration if the registrant:
(1) has failed to pay any fees or penalties imposed under this chapter;
(2) has failed to provide the surety bond required under this chapter; or
(3) is not in compliance with any final order of the commissioner.