(1) If a person is required to register under Section 31A-6b-201, to register the person shall submit to the commissioner:
(a) an application for registration;
(b) a copy of any guaranteed asset protection waiver that the person will issue, market, sell, offer to sell, or otherwise provide in this state; and
(c) a registration fee established by the commissioner in accordance with Section 31A-3-103, except that the registration fee may not exceed $1,000.
(2)
(a) On and after July 1, 2011, a person registered under this title shall pay to the commissioner an annual fee:
(i) by no later than July 1 of each year after the day on which the person registers; and
(ii) established by the commissioner in accordance with Section 31A-3-103, except that the annual fee may not exceed $1,000.
(b) If a person fails to pay the annual fee required under this Subsection (2) by October 1, the person's registration expires.
(3) The commissioner shall deposit a fee collected under this section into the restricted account.