(a) A registration statement under Section 1804.054 must be accompanied by:
(1) a $500 registration fee; and
(2) a bond required under Section 1804.102.
(b) A registration statement issued under this section takes effect on the date the secretary of state issues a certificate and is valid for one year. A registration statement may be renewed annually by filing a renewal registration statement and paying the registration fee required by Subsection (a).