A license expires on the first anniversary of its effective date, unless the license is renewed for a 1–year term as provided in this section. At least 1 month before the license expires, the Department shall send to the licensee, by first–class mail to the last known address of the licensee, a renewal notice that states: The date on which the current license expires; The date by which the renewal application must be received by the Department for the renewal to be issued and mailed before the license expires; and The amount of the renewal fee. Before the license expires, the licensee periodically may renew it for an additional 1–year term, if the business entity or public unit: Otherwise is entitled to be licensed; Pays to the Department the renewal fee that the Department sets; and Submits to the Department a renewal application on the form that the Department requires.