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: Otherwise is entitled to be licensed; Pays to the Commissioner a renewal fee of $850; and Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires. The Commissioner may waive the requirements of § 11–205(1) and (2) of this subtitle for the renewal of a license. To the extent required or permitted by NMLS, the Commissioner 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 § 11–203.1(c) of this subtitle.