An initial license term shall: begin on the date the license is issued; and expire on December 31 of the year: in which the license is issued, if the license is issued before November 1; or immediately following the year in which the license is issued, if the license is issued on or after November 1. On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1–year term, if the licensee: is otherwise entitled to be licensed; pays to the Board a nonrefundable renewal fee set by the Board; submits a renewal application in the form and in accordance with the process that the Board requires; and files as part of the application a surety bond as required under § 7–304 of this subtitle. To the extent required or permitted by NMLS, the Board may determine that licenses issued under this subtitle shall expire on a staggered basis. A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee’s licensing information to NMLS in accordance with § 7–301(d) of this subtitle.