Except as otherwise provided in this section, an applicant for registration shall: file with the Commissioner: an application in the form that the Commissioner requires; and a prospectus for the franchise; and pay an application fee of $500. Instead of the application for registration and prospectus described in subsection (a) of this section, the Commissioner may accept an application for registration and prospectus that: are found by the Commissioner to include disclosure requirements similar to those of this subtitle; and are: required by a unit of the federal government or another state government; or approved by an association of administrators of state franchise laws. The applicant shall sign and verify the application for registration.