The holder of any expiring license under this Division who desires a new license to be effective on the expiration of the existing license, shall, not less than thirty (30) nor more than sixty (60) days before the expiration of the license, file a written application for renewal with the Director, giving the information set forth in Section 5-203 of this Division and maintaining the bond required under Section 5-206 of this Division, except, that, at the discretion of the Director, new photographs shall not be required if the existing photograph is a good likeness. There shall be filed with the application, a renewal fee of Twenty-five Dollars ($25.00). The renewal period shall be one (1) year. The Director, in determining whether or not to renew a license, shall be guided by the provisions relating to issuance as set forth in Section 5-204 of this Division. The holder of a license which is lost or mutilated shall report such a loss or mutilation to the Director immediately and shall pay a Five Dollar ($5.00) fee for the issuance of a duplicate license.