Unless registration of an offer of a franchise is renewed for a 1-year term as provided in this section, the registration expires on the first anniversary of its effective date. However, the Commissioner by regulation or order may set a different term of registration. Before registration expires, the registrant periodically may renew it for an additional 1-year term, if the registrant: at least 15 business days before the expiration of registration files with the Commissioner: a renewal application on the form that the Commissioner provides; and a prospectus; otherwise is entitled to be registered; and pays a renewal fee of $250. The registrant shall sign and verify the renewal application. The Commissioner by order may allow a registrant to submit a renewal application after the 15th business day before expiration of the registration. The Commissioner shall renew the registration of an offer of a franchise if it meets the requirements of this section. Unless a stop order or other order is in effect under this subtitle, renewal of the registration of the offer of a franchise automatically takes effect at: noon on the day when the previous registration is due to expire; or an earlier time that the Commissioner sets.